Federal Reserve Bank of New York launches Fintech Advisory Group

The Federal Reserve Bank of New York last week launched the Fintech Advisory Group that will focus on providing insights into existing and emerging financial technologies.

The group will primarily aim to present views and perspectives on the emerging issues related to financial technologies, their application and market impact, and their potential impact on the New York Fed’s ability to achieve its missions.

The objective is to provide a high-level platform for bank leaders to establish clear points of contact with senior representatives and thought leaders from the fintech industry and consumer organizations.

“The Fintech Advisory Group will provide the New York Fed with a more complete picture of the rapidly evolving fintech landscape,” said Kevin Stiroh, executive vice president and head of the Supervision Group at the New York Fed. “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 members of the group are selected on the basis of their expertise across the breadth of issues relevant to financial technologies. Members will participate on a rotational basis.

The initial set of members includes representatives from incumbent financial institutions, new entrants, investors, advisory and service groups, nonprofit organizations, and research providers. This includes Michael Bodson, President and Chief Executive Officer, DTCC; Lee Braine, Chief Technology Office, Barclays; Martin Fleming, Chief Analytics Officer and Chief Economist, IBM; Ulku Rowe, Director of Financial Services, Google Cloud, and others.

The group’s first meeting will be April 1, 2019. It will discuss two important questions – the important emerging technologies and/or applications in the financial services industry, and risks that could affect the financial system with respect to FinTech.