EXECUTIVE BIO

having actual knowledge of the crime or the fraud that was being committed was set at a new standard. This is causing some challenges in the payments industry.”

From a regulatory perspective, despite already being subject to a number of federal and state laws, fintechs face uncertainty as the federal government considers how to regulate a dynamic and innovative industry. The lack of clarity on regulations is also adding pressure on payment providers to manage compliance.

The Consumer Financial Protection Bureau (CFPB) has raised concerns about fintechs, with a particular focus on the payments and lending industries. In 2022, buy-now-pay-later (BNPL) was in the spotlight.

The Federal Trade Commission (FTC) has also scrutinised fintechs and payments companies. The FTC has developed new enforcement approaches and continues to bring actions against payment processors, payment facilitators, and similar companies.

These developments demonstrate that federal regulators in the areas of consumer protection are keenly focused on the fintech industry and its potential impact on consumers, businesses, and the economy.

Regulations, due diligence and preserving consumer trust

One of the biggest questions that payment providers are facing is: Are the majority of companies in this sphere genuinely prepared for the increased liability that’s coming into the industry?

Scott Talbott

TITLE: SENIOR VICE PRESIDENT OF GOVERNMENT AFFAIRS

INDUSTRY: TECHNOLOGY

LOCATION: UNITED STATES

Scott Talbott is Senior Vice President of Government

Affairs at the Electronic Transactions Association (ETA) in Washington, D.C. and is responsible for its governmental strategies, and directing all of ETA’s policy and advocacy efforts. He also runs ETA’s Industry Affairs Department, responsible for ETA’s business policies. Talbott has over twenty years of experience advocating for the financial services and FinTech industries. He has received numerous accolades in his tenure, including being named a top lobbyist by The Hill for eleven years in a row from 2009 to 2021, as well as a “winner” for his work during the economic crisis of 2008 by Washingtonian magazine. In 2010, he appeared in the Oscar-winning film “Inside Job.” Once named NPR’s favourite bank lobbyist and the voice of the financial services industry.