The Fed opens its doors to fintechs
The Fed is extending invitations to financial technology companies (and other companies interested in fintech) for face-to-face conversations. The sessions are called "financial innovation office hours,” the central bank announced Tuesday.
Why it matters: This is a first for the Fed board, though the San Francisco regional bank has hosted similar events in the past.
Even if the events are just optics, they are part of a trend: The Office of the Comptroller Currency (OCC) — a key regulatory body that decides who can be an official bank — announced similar “office hours” earlier this year.
- The Federal Reserve is a regulator fintechs will need to answer to should they become a bank.