Six Payments and FinTech Issues That Could Be Impacted By the 2020 Election
The next administration’s approach to financial regulation will impact the payments industry in 2021 and beyond. To provide a better understand of what the industry could face, on November 17 ETA will host a virtual event, Politics & Payments, on November 17 to provide important analyses of the election’s impact on the payments and FinTech industries.
The concurrent breakout sessions, led by political and subject matter experts, will take a dep dive into the implications of the election results on six targeted issues important to our industry – Privacy, Cannabis, Crypto, Faster Payments, Diversity & Inclusion, What’s Next for FinTech.
The breakout sessions will begin with an overview of the issue, followed by a live discussion in which ETA members can share their views and ask questions.
Privacy
Privacy is top of mind in D.C. and state capitols alike. California has already enacted the California Consumer Privacy Act (CCPA) which imposes new privacy restrictions and directly affects the payments industry and the ways in which it securely handles the privacy of personal financial data. This session will explore the ways in which policymakers are likely to address use of consumer data, and what that means for the development of new products and services.
Cannabis
Many states are easing restrictions on medical and recreational use of Cannabis — since 1996, thirty-three states have legalizing medical marijuana; 11 of them have also legalized consumption. Because of restrictions contained in the Controlled Substances Act, companies operating in this space have little or no access to basic banking services, including loans, lines of credit, and checking accounts. This has made cannabis an industry dominated by cash, which carries its own risks. This session will explore what clarity we might see from Congress as the trend towards legalization continues in the states, and what this means for the growing Cannabis industry.
Crypto
Interest in cryptocurrencies is at an all-time high as the private sector explores use cases for blockchain and digital ledger technologies, and deployments of cryptocurrencies. At the same time, central banks around the world are exploring the issuance of digital currencies. This session will explore use cases for cryptocurrencies including Central Bank Digital Currencies (CBDCs) and help separate hype from reality. The discussion will include a look at possible legal and regulatory frameworks for crypto.
Faster Payments
The payments industry has made payments faster. By leveraging technology, the time it takes to send and receive money has been trimmed to a few seconds. Faster payments allow time sensitive payments, like payroll and bill payments, to be completed quickly, and improves cash management, which lowers fees consumers may pay. The technology that makes payments faster also allow consumers to make payments without physical interaction — a plus during a pandemic. This session will explore the state of play in faster payments and what effect the current political environment will have in the evolution of faster payments.
Diversity & Inclusion
Diversity, equity and inclusion are at the forefront of the ongoing political dialogue, and payments companies are actively expanding their commitment to DE&I, announcing truly significant initiatives. Policymakers are also focusing on DE&I as they craft legal and regulatory agendas. This session will explore the intersection between policymakers’ focus on DE&I, industry’s DE&I efforts, and the related legislative and regulatory activity we can expect to see in the coming months and years.
What’s Next for FinTech
FinTech has already transformed the ways in which individuals and businesses conduct financial transactions and engage in the marketplace. As innovation proceeds at breakneck speed, the legal and regulatory environment has struggled to keep up. This session will explore the ways in which the next administration is likely to view FinTech, what that means for ongoing legal and regulatory activity, and what impact that will have on the ability of the industry to continue to provide innovative, secure products and services.
On November 17, ETA will host a non-partisan recap of the 2020 election. Attendees will hear important analyses of the election’s impact on the payments and FinTech industries and gain an understanding of what to expect from the new political landscape. The event is free for ETA members and $99 for non-members.