The Federal Reserve Bank of New York has announced the creation of the Fintech Advisory Group to bridge the communication gap between the FinTech industry and consumer organizations, the organization said in a release.
The organization will "provide bank leaders with a high-level platform to establish clear points of contact with senior representatives and thought leaders from the financial technology industry and consumer organizations,” the statement said.
The group plans to hold its first meeting on April 1.
"The primary goal of the Advisory Group is to present views and perspectives on the emerging issues related to financial technologies, the application and market impact of these technologies, and the potential impact on the New York Fed’s ability to achieve its missions,” the Fed said.
Kevin Stiroh, the executive vice president and head of the supervision group at the New York Fed, said the move is meant to help both the industry and regulators.
“The Fintech Advisory Group will provide the New York Fed with a more complete picture of the rapidly evolving FinTech landscape,” Stiroh said. “The Advisory Group will also gather insights that may inform our interaction with market participants and institutions, our training and hiring efforts, and the application of innovative approaches for internal business use.”
The group members will be picked based on expertise across all FinTech-related issues.
“The initial set of members includes a broad mix of representatives impacted by FinTech, including incumbent financial institutions, new entrants, investors, advisory and service groups, nonprofit organizations and research providers,” the Fed said. “Members will participate on a rotational basis.”
Fintech Advisory Group members include Michael Bodson, president and chief executive officer of DTCC; Andrew Boyajian, head of banking at TransferWise; Sonal Shah, executive director at the Beeck Center for Social Impact and Innovation; and David Waller, partner and head of data science and analytics at Oliver Wyman Labs, among others.