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Center for FinTech Information — Senate Committee on Business, Financial Services, & Trade (November 16, 2021)

Summary

This slide presentation titled Center for FinTech Information is dated November 16, 2021 and names the Senate Committee on Business, Financial Services, & Trade, listing Drew Bouton, Ali Higgs, Nathan Quigley and Devon Phelps with their positions. It says a DFI multidisciplinary workgroup started in 2017 to track Fintech developments, in collaboration with Washington Tech Industry Association. The center's functions are listed as providing information, answering questions, assisting applicants, and reviewing business concepts and business plans. Metrics show an original launch of May 13, 2021, Number Inquiries 13, Main Page Views 7,255, Industry Guidance Page Views 7,840 and Consumer Guidance Page Views 4,493, with a note that page view counts are as of 10/27/21.

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Issuer
Congressional materials
Date
2021-11-16

Cite this document

“Center for FinTech Information — Senate Committee on Business, Financial Services, & Trade (November 16, 2021).” Original at app.leg.wa.gov, dated 2021-11-16. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-11-16-2021-11-16-a29281-d236516-drew-bouton-ali-higgs-nathan-quigley-devon-phelps-dfi-center/, SHA-256 e497ed6d955e39f1bffc5871230b3694e4913b6bb2a0593d7e28098bacb9a9d6.

Full text

             Center for FinTech
                   Information
             Senate Committee on Business,
                 Financial Services, & Trade
                                            November 16, 2021

               Drew Bouton, Director of Policy and Legislative Relations
                      Ali Higgs, Director of Regulatory and Legal Affairs
        Nathan Quigley, Financial Legal Examiner, Division of Securities
Devon Phelps, Chief of Regulatory Affairs, Division of Consumer Services
Center for FinTech Information
Creation

   DFI multidisciplinary workgroup
   started in 2017 to track Fintech
   developments.

   Collaboration with Washington Tech
   Industry Association to identify need.
                                            2
Center for FinTech Information
Team
   Nathan Quigley, Financial Legal
   Examiner, Division of Securities
     Internal Operations

     Website Relaunch


   Devon Phelps, Chief of Regulatory
   Affairs, Division of Consumer Services
     Keeping pace in a rapidly changing
      environment.
                                            3
Center for FinTech Information
Lead
    Ali Higgs
    Director of Regulatory & Legal
    Affairs

   Contacting the Center for Fintech
   Information
    Phone: 360.902.0516
    Email: fintechinfo@dfi.wa.gov
    Website: dfi.wa.gov/fintech         4
What Does the Center for FinTech
Information Do?
   Provide information
   Answer questions
   Assist applicants
   Review business concepts and business
    plans.



                                            5
Center for FinTech Information
Metrics
                     Original Launch – May 13, 2021        Number

    Inquiries                                         13

    Main Page Views                                   7,255

    Industry Guidance Page Views                      7,840

    Consumer Guidance Page Views                      4,493

    **page view count as of 10/27/21



                                                                    6
Center for FinTech Information
Behind the Scenes
Nathan Quigley,
Financial Legal Examiner,
Division of Securities




                                 7
Frequent Cross-over of
Regulations
         Bank and Trust Company Laws
           Division of Banks

         Securities Regulation
           Division of Securities

         Money Transmission Laws
           Division of Consumer Services
                                            8
Center for FinTech Information
Benefits
   One stop shop for fintech businesses

   Holistic view of proposed business/product

   Efficient communication across DFI’s divisions

   Clear and easy access through multiple channels,
    including assigned office hours.




                                                     9
Center for FinTech Information
– Behind the Scenes
   CFI intake through email or phone call
   Coordinate Subject Matter Experts to
    address inquiry
   Prepare a coordinated response

   CFI representative responds to inquiry


            Personal and Direct
              Communication                  10
Current Project -
Website Relaunch




                    11
FinTech Decision Tree




                        12
FinTech Decision Tree




                        13
FinTech Decision Tree




                        14
Center for FinTech Information
Behind the Scenes
 Devon Phelps,
  Chief of Regulatory Affairs,
  Division of Consumer Services




                                  15
Center for FinTech Information
Stays Current
  Federal laws
    Bills in the U.S. Congress

  Executive Orders and Studies
    Stablecoin Report

  International laws
  State laws


                                  16
Center for FinTech Information
Monitoring
 Federal Agency Actions
   Commodities & Futures Trading Commission

   Consumer Financial Protection Bureau

   Department of Justice

   Federal Deposit Insurance Corporation

   Federal Reserve System

   Federal Trade Commission

   National Credit Union Association

   Office of the Comptroller of the Currency

   Securities & Exchange Commission            17
Center for FinTech Information
Monitoring
 Real-Time FinTech Information
   News & Newsletters

   Regulatory Associations
     Conference of State Bank Supervisors; North American
      Securities Administrators Assn.; Money Transmitters
      Regulators Assn.; etc.
   Stakeholders and Regulated Institutions
     Washington Technology Industry Assn.; United
      Financial Lobby; etc.                             18
What are other states doing?

   Committees or Studies (Blockchain, etc.)

   Uniform Commercial Code (UCC)
   Unclaimed Property
   Blockchain Technology and Distributed
   Ledger
   Taxation

   Other
                                            19
Questions?
Drew Bouton
DFI Policy Director
drew.bouton@dfi.wa.gov
360.902.0515
En Español at 1.888.976.4422


www.dfi.wa.gov
www.dfi.wa.gov/fintech
www.dfi.wa.gov/financial-education

File and source

File
2021-11-16_a29281_d236516_drew-bouton-ali-higgs-nathan-quigley-devon-phelps-dfi-center.pdf
Size
965,619 bytes
SHA-256
e497ed6d955e39f1bffc5871230b3694e4913b6bb2a0593d7e28098bacb9a9d6
Our copy
2021-11-16_a29281_d236516_drew-bouton-ali-higgs-nathan-quigley-devon-phelps-dfi-center.pdf
Original
app.leg.wa.gov
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