Are we there yet? How regulation is shaping fintech innovation and vice versa

In this episode, host Jenny Lee, partner at Reed Smith, speaks with guest Jonah Krane, partner at Klaros Group, about the hottest topics in fintech regulation, including how regulators can be more innovative when drafting their regulations. They discuss the latest interagency guidance on bank-fintech partnerships, the CFPB's innovation office, open banking and consumer data access, and how the Volcker rule ended up being 1,000 pages. They also cover how a principles-based approach to regulation (e.g., UDAAP) is not light touch, but actually sets a high bar (relative to prescriptive standards). And they delve into the reasons why an outcomes-based approach to consumer finance regulation should prevail, addressing the constitutional, political, or other barriers that may stand in the way.