Fintech Innovation and Policy

October 6, 2022
10:00 AM - 11:30 AM EDT (UTC-4)
Fintech Innovation and Policy
Leading Edge


Location

Zoom Webinar

 

 


Overview

Fintech, or the application of new technologies and business models in financial services, promises to lower costs and increase financial inclusion. This could allow many of the world's most economically disadvantaged to prosper. A prerequisite for a healthy fintech ecosystem is a legal and regulatory environment that enables disruptive new business models to thrive. At the same time, policy-makers and regulatory bodies are responsible for protecting consumers from risky propositions and outright scams while minimizing the systemic risk and unintended consequences that financial innovations can create. Decentralized technologies like cryptocurrencies, for example, challenge lawmakers because there is no controlling party and national borders are irrelevant.

This webinar will explore how policy impacts fintech innovation. We will highlight the implications for the financial services industry and discuss how policy-makers worldwide have attempted to strike the right balance of fostering innovation while reducing risk. 

  • Overview

    Fintech, or the application of new technologies and business models in financial services, promises to lower costs and increase financial inclusion. This could allow many of the world's most economically disadvantaged to prosper. A prerequisite for a healthy fintech ecosystem is a legal and regulatory environment that enables disruptive new business models to thrive. At the same time, policy-makers and regulatory bodies are responsible for protecting consumers from risky propositions and outright scams while minimizing the systemic risk and unintended consequences that financial innovations can create. Decentralized technologies like cryptocurrencies, for example, challenge lawmakers because there is no controlling party and national borders are irrelevant.

    This webinar will explore how policy impacts fintech innovation. We will highlight the implications for the financial services industry and discuss how policy-makers worldwide have attempted to strike the right balance of fostering innovation while reducing risk. 

Register

Agenda

10:00 AM

Introduction
Jim Flynn
Jim Flynn
Program Director

Before MIT, Jim was the assistant dean of research business development at the UMass Amherst College of Information and Computer Sciences. Jim founded, built, and sold multiple technology companies in fintech and online media. He has bootstrapped startups and closed venture capital, angel, and private equity funding rounds. Jim also served as the Chief Operating Officer of a public company and a subsidiary of Pitney Bowes. He began his career at AT&T as a software developer, hardware engineer, and national account manager. Jim has authored patents and wrote one of the first books on Java programming. Out of all the roles he's held, Jim's favorite job title by far is dedicated dad of four. He earned a BS from Manhattan College and an MBA with concentrations in finance and international business from New York University.

10:05AM

MIT Golub Center for Finance and Policy: Overview, Mission, and Current Activities
Sloan Distinguished Professor of Finance and Director, MIT Golub Center for Finance and Policy
Deborah J. Lucas
Sloan Distinguished Professor of Finance and Director

Deborah Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and Director of the MIT Golub Center for Finance and Policy.

Lucas's current research lies at the intersection of finance and policy, with a focus on economically meaningful cost measurement and assessment of government financial activities. Some current projects include measuring the capital subsidies to state-owned enterprises, evaluating the international fiscal and macroeconomic implications of Covid19 credit support programs, creating a world atlas of government financial institutions, and analyzing reverse mortgages.

Lucas is a Research Associate at the National Bureau of Economic Research, a Term Professor at the PBC School of Finance at Tsinghua University, and a member of the Shadow Open Market Committee. She serves on advisory boards for the Federal Reserve Bank of New York and the Urban Institute, on the editorial board of the Annual Review of Financial Economics, and as an associate editor for the American Economic Journal: Economic Policy. She is a board member of the Chicago Mercantile Exchange, and consultant for the OECD and the Congressional Budget Office. She is an elected member of the National Academy of Public Administration and the National Academy of Social Insurance.

Previous appointments include chief economist, and subsequently assistant and associate director at the U.S. Congressional Budget Office, member of the Social Security Technical Advisory Panel, senior staff economist for U.S. Council of Economic Advisers, Professor at the Kellogg School of Management at Northwestern University, and coeditor of the JMCB. An expert on federal credit programs, she has testified before the U.S. Congress on Fannie Mae and Freddie Mac, student loans, and strategically important financial institutions.

Lucas received her BA, MA, and a PhD in economics from the University of Chicago.

10:15 AM

Panel Discussion I:
Regulating Disruptive Innovation
Moderator:
Jim Flynn
Jim Flynn
Jim Flynn
Program Director

Before MIT, Jim was the assistant dean of research business development at the UMass Amherst College of Information and Computer Sciences. Jim founded, built, and sold multiple technology companies in fintech and online media. He has bootstrapped startups and closed venture capital, angel, and private equity funding rounds. Jim also served as the Chief Operating Officer of a public company and a subsidiary of Pitney Bowes. He began his career at AT&T as a software developer, hardware engineer, and national account manager. Jim has authored patents and wrote one of the first books on Java programming. Out of all the roles he's held, Jim's favorite job title by far is dedicated dad of four. He earned a BS from Manhattan College and an MBA with concentrations in finance and international business from New York University.

Sloan Distinguished Professor of Finance and Director, MIT Golub Center for Finance and Policy
Deborah J. Lucas
Sloan Distinguished Professor of Finance and Director

Deborah Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and Director of the MIT Golub Center for Finance and Policy.

Lucas's current research lies at the intersection of finance and policy, with a focus on economically meaningful cost measurement and assessment of government financial activities. Some current projects include measuring the capital subsidies to state-owned enterprises, evaluating the international fiscal and macroeconomic implications of Covid19 credit support programs, creating a world atlas of government financial institutions, and analyzing reverse mortgages.

Lucas is a Research Associate at the National Bureau of Economic Research, a Term Professor at the PBC School of Finance at Tsinghua University, and a member of the Shadow Open Market Committee. She serves on advisory boards for the Federal Reserve Bank of New York and the Urban Institute, on the editorial board of the Annual Review of Financial Economics, and as an associate editor for the American Economic Journal: Economic Policy. She is a board member of the Chicago Mercantile Exchange, and consultant for the OECD and the Congressional Budget Office. She is an elected member of the National Academy of Public Administration and the National Academy of Social Insurance.

Previous appointments include chief economist, and subsequently assistant and associate director at the U.S. Congressional Budget Office, member of the Social Security Technical Advisory Panel, senior staff economist for U.S. Council of Economic Advisers, Professor at the Kellogg School of Management at Northwestern University, and coeditor of the JMCB. An expert on federal credit programs, she has testified before the U.S. Congress on Fannie Mae and Freddie Mac, student loans, and strategically important financial institutions.

Lucas received her BA, MA, and a PhD in economics from the University of Chicago.

Senior Lecturer and Executive Director, MIT Golub Center for Finance and Policy
Edward Golding
Senior Lecturer and Executive Director

Prior to serving as the head of the Federal Housing Administration from 2015-2017, Ed Golding was a senior advisor in the U.S. Department of Housing and Urban Development. In that role, he helped formulate policy on housing finance reform and the expansion of funding for the Housing Trust Fund.

Golding was also an executive at the Federal Home Loan Mortgage Corporation (Freddie Mac) from 1989-2012, where he headed model development, strategy and investor relations and developed a national reputation for visionary leadership in housing finance policy.

Most recently, Golding served as a Visiting Fellow in the Housing Finance Policy Center at the Urban Institute and as an Adjunct Professor of Finance at Columbia Business School. In addition, Golding has taught at the Wharton School of the University of Pennsylvania, the Woodrow Wilson School of Public and International Affairs at Princeton University, and the University of Florida.

He earned an AB degree in applied mathematics from Harvard University in 1976 and a PhD in economics from Princeton University in 1982.

Founder and CEO, Securrency
Dan Doney
Founder and CEO

Dan is the Founder and Chief Executive Officer of Securrency, the leading developer of institutional-grade blockchain-based financial and regulatory technology. Former Chief Innovation Officer of the U.S. Defense Intelligence Agency, he is the recipient of the 2014 Fierce 15 award as a top government change agent. Dan is a recognized expert in software development, artificial intelligence, process automation, cybersecurity, dynamic asset pricing, and enterprise architecture. He holds a B.S in Economics and Control Systems Engineering at the U.S Naval Academy and achieved an M.S in Nuclear Engineering from MIT.

  • Who should regulate crypto markets: SEC, CFTC, other, no one?
  • Do we need a payments regulator?
10:45 AM

Panel Discussion II
Innovation in Housing Finance
Moderator:
Jim Flynn
Jim Flynn
Jim Flynn
Program Director

Before MIT, Jim was the assistant dean of research business development at the UMass Amherst College of Information and Computer Sciences. Jim founded, built, and sold multiple technology companies in fintech and online media. He has bootstrapped startups and closed venture capital, angel, and private equity funding rounds. Jim also served as the Chief Operating Officer of a public company and a subsidiary of Pitney Bowes. He began his career at AT&T as a software developer, hardware engineer, and national account manager. Jim has authored patents and wrote one of the first books on Java programming. Out of all the roles he's held, Jim's favorite job title by far is dedicated dad of four. He earned a BS from Manhattan College and an MBA with concentrations in finance and international business from New York University.

Sloan Distinguished Professor of Finance and Director, MIT Golub Center for Finance and Policy
Deborah J. Lucas
Sloan Distinguished Professor of Finance and Director

Deborah Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and Director of the MIT Golub Center for Finance and Policy.

Lucas's current research lies at the intersection of finance and policy, with a focus on economically meaningful cost measurement and assessment of government financial activities. Some current projects include measuring the capital subsidies to state-owned enterprises, evaluating the international fiscal and macroeconomic implications of Covid19 credit support programs, creating a world atlas of government financial institutions, and analyzing reverse mortgages.

Lucas is a Research Associate at the National Bureau of Economic Research, a Term Professor at the PBC School of Finance at Tsinghua University, and a member of the Shadow Open Market Committee. She serves on advisory boards for the Federal Reserve Bank of New York and the Urban Institute, on the editorial board of the Annual Review of Financial Economics, and as an associate editor for the American Economic Journal: Economic Policy. She is a board member of the Chicago Mercantile Exchange, and consultant for the OECD and the Congressional Budget Office. She is an elected member of the National Academy of Public Administration and the National Academy of Social Insurance.

Previous appointments include chief economist, and subsequently assistant and associate director at the U.S. Congressional Budget Office, member of the Social Security Technical Advisory Panel, senior staff economist for U.S. Council of Economic Advisers, Professor at the Kellogg School of Management at Northwestern University, and coeditor of the JMCB. An expert on federal credit programs, she has testified before the U.S. Congress on Fannie Mae and Freddie Mac, student loans, and strategically important financial institutions.

Lucas received her BA, MA, and a Ph.D. in economics from the University of Chicago.

Senior Lecturer and Executive Director, MIT Golub Center for Finance and Policy
Edward Golding
Senior Lecturer and Executive Director

Prior to serving as the head of the Federal Housing Administration from 2015-2017, Ed Golding was a senior advisor in the U.S. Department of Housing and Urban Development. In that role, he helped formulate policy on housing finance reform and the expansion of funding for the Housing Trust Fund.

Golding was also an executive at the Federal Home Loan Mortgage Corporation (Freddie Mac) from 1989-2012, where he headed model development, strategy and investor relations and developed a national reputation for visionary leadership in housing finance policy.

Most recently, Golding served as a Visiting Fellow in the Housing Finance Policy Center at the Urban Institute and as an Adjunct Professor of Finance at Columbia Business School. In addition, Golding has taught at the Wharton School of the University of Pennsylvania, the Woodrow Wilson School of Public and International Affairs at Princeton University, and the University of Florida.

He earned an AB degree in applied mathematics from Harvard University in 1976 and a PhD in economics from Princeton University in 1982.

  • Where do we need innovation, and what innovation is harmful?  Single securities, credit risk transfers, and GSE reform
  • Are we in a bubble like 2008, and what is the role of government in housing bubbles? Counter-cyclical buffers, living wills, and other policy levers
11:20 AM

Adjournment
  • Agenda
    10:00 AM

    Introduction
    Jim Flynn
    Jim Flynn
    Program Director

    Before MIT, Jim was the assistant dean of research business development at the UMass Amherst College of Information and Computer Sciences. Jim founded, built, and sold multiple technology companies in fintech and online media. He has bootstrapped startups and closed venture capital, angel, and private equity funding rounds. Jim also served as the Chief Operating Officer of a public company and a subsidiary of Pitney Bowes. He began his career at AT&T as a software developer, hardware engineer, and national account manager. Jim has authored patents and wrote one of the first books on Java programming. Out of all the roles he's held, Jim's favorite job title by far is dedicated dad of four. He earned a BS from Manhattan College and an MBA with concentrations in finance and international business from New York University.

    10:05AM

    MIT Golub Center for Finance and Policy: Overview, Mission, and Current Activities
    Sloan Distinguished Professor of Finance and Director, MIT Golub Center for Finance and Policy
    Deborah J. Lucas
    Sloan Distinguished Professor of Finance and Director

    Deborah Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and Director of the MIT Golub Center for Finance and Policy.

    Lucas's current research lies at the intersection of finance and policy, with a focus on economically meaningful cost measurement and assessment of government financial activities. Some current projects include measuring the capital subsidies to state-owned enterprises, evaluating the international fiscal and macroeconomic implications of Covid19 credit support programs, creating a world atlas of government financial institutions, and analyzing reverse mortgages.

    Lucas is a Research Associate at the National Bureau of Economic Research, a Term Professor at the PBC School of Finance at Tsinghua University, and a member of the Shadow Open Market Committee. She serves on advisory boards for the Federal Reserve Bank of New York and the Urban Institute, on the editorial board of the Annual Review of Financial Economics, and as an associate editor for the American Economic Journal: Economic Policy. She is a board member of the Chicago Mercantile Exchange, and consultant for the OECD and the Congressional Budget Office. She is an elected member of the National Academy of Public Administration and the National Academy of Social Insurance.

    Previous appointments include chief economist, and subsequently assistant and associate director at the U.S. Congressional Budget Office, member of the Social Security Technical Advisory Panel, senior staff economist for U.S. Council of Economic Advisers, Professor at the Kellogg School of Management at Northwestern University, and coeditor of the JMCB. An expert on federal credit programs, she has testified before the U.S. Congress on Fannie Mae and Freddie Mac, student loans, and strategically important financial institutions.

    Lucas received her BA, MA, and a PhD in economics from the University of Chicago.

    10:15 AM

    Panel Discussion I:
    Regulating Disruptive Innovation
    Moderator:
    Jim Flynn
    Jim Flynn
    Jim Flynn
    Program Director

    Before MIT, Jim was the assistant dean of research business development at the UMass Amherst College of Information and Computer Sciences. Jim founded, built, and sold multiple technology companies in fintech and online media. He has bootstrapped startups and closed venture capital, angel, and private equity funding rounds. Jim also served as the Chief Operating Officer of a public company and a subsidiary of Pitney Bowes. He began his career at AT&T as a software developer, hardware engineer, and national account manager. Jim has authored patents and wrote one of the first books on Java programming. Out of all the roles he's held, Jim's favorite job title by far is dedicated dad of four. He earned a BS from Manhattan College and an MBA with concentrations in finance and international business from New York University.

    Sloan Distinguished Professor of Finance and Director, MIT Golub Center for Finance and Policy
    Deborah J. Lucas
    Sloan Distinguished Professor of Finance and Director

    Deborah Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and Director of the MIT Golub Center for Finance and Policy.

    Lucas's current research lies at the intersection of finance and policy, with a focus on economically meaningful cost measurement and assessment of government financial activities. Some current projects include measuring the capital subsidies to state-owned enterprises, evaluating the international fiscal and macroeconomic implications of Covid19 credit support programs, creating a world atlas of government financial institutions, and analyzing reverse mortgages.

    Lucas is a Research Associate at the National Bureau of Economic Research, a Term Professor at the PBC School of Finance at Tsinghua University, and a member of the Shadow Open Market Committee. She serves on advisory boards for the Federal Reserve Bank of New York and the Urban Institute, on the editorial board of the Annual Review of Financial Economics, and as an associate editor for the American Economic Journal: Economic Policy. She is a board member of the Chicago Mercantile Exchange, and consultant for the OECD and the Congressional Budget Office. She is an elected member of the National Academy of Public Administration and the National Academy of Social Insurance.

    Previous appointments include chief economist, and subsequently assistant and associate director at the U.S. Congressional Budget Office, member of the Social Security Technical Advisory Panel, senior staff economist for U.S. Council of Economic Advisers, Professor at the Kellogg School of Management at Northwestern University, and coeditor of the JMCB. An expert on federal credit programs, she has testified before the U.S. Congress on Fannie Mae and Freddie Mac, student loans, and strategically important financial institutions.

    Lucas received her BA, MA, and a PhD in economics from the University of Chicago.

    Senior Lecturer and Executive Director, MIT Golub Center for Finance and Policy
    Edward Golding
    Senior Lecturer and Executive Director

    Prior to serving as the head of the Federal Housing Administration from 2015-2017, Ed Golding was a senior advisor in the U.S. Department of Housing and Urban Development. In that role, he helped formulate policy on housing finance reform and the expansion of funding for the Housing Trust Fund.

    Golding was also an executive at the Federal Home Loan Mortgage Corporation (Freddie Mac) from 1989-2012, where he headed model development, strategy and investor relations and developed a national reputation for visionary leadership in housing finance policy.

    Most recently, Golding served as a Visiting Fellow in the Housing Finance Policy Center at the Urban Institute and as an Adjunct Professor of Finance at Columbia Business School. In addition, Golding has taught at the Wharton School of the University of Pennsylvania, the Woodrow Wilson School of Public and International Affairs at Princeton University, and the University of Florida.

    He earned an AB degree in applied mathematics from Harvard University in 1976 and a PhD in economics from Princeton University in 1982.

    Founder and CEO, Securrency
    Dan Doney
    Founder and CEO

    Dan is the Founder and Chief Executive Officer of Securrency, the leading developer of institutional-grade blockchain-based financial and regulatory technology. Former Chief Innovation Officer of the U.S. Defense Intelligence Agency, he is the recipient of the 2014 Fierce 15 award as a top government change agent. Dan is a recognized expert in software development, artificial intelligence, process automation, cybersecurity, dynamic asset pricing, and enterprise architecture. He holds a B.S in Economics and Control Systems Engineering at the U.S Naval Academy and achieved an M.S in Nuclear Engineering from MIT.

    • Who should regulate crypto markets: SEC, CFTC, other, no one?
    • Do we need a payments regulator?
    10:45 AM

    Panel Discussion II
    Innovation in Housing Finance
    Moderator:
    Jim Flynn
    Jim Flynn
    Jim Flynn
    Program Director

    Before MIT, Jim was the assistant dean of research business development at the UMass Amherst College of Information and Computer Sciences. Jim founded, built, and sold multiple technology companies in fintech and online media. He has bootstrapped startups and closed venture capital, angel, and private equity funding rounds. Jim also served as the Chief Operating Officer of a public company and a subsidiary of Pitney Bowes. He began his career at AT&T as a software developer, hardware engineer, and national account manager. Jim has authored patents and wrote one of the first books on Java programming. Out of all the roles he's held, Jim's favorite job title by far is dedicated dad of four. He earned a BS from Manhattan College and an MBA with concentrations in finance and international business from New York University.

    Sloan Distinguished Professor of Finance and Director, MIT Golub Center for Finance and Policy
    Deborah J. Lucas
    Sloan Distinguished Professor of Finance and Director

    Deborah Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and Director of the MIT Golub Center for Finance and Policy.

    Lucas's current research lies at the intersection of finance and policy, with a focus on economically meaningful cost measurement and assessment of government financial activities. Some current projects include measuring the capital subsidies to state-owned enterprises, evaluating the international fiscal and macroeconomic implications of Covid19 credit support programs, creating a world atlas of government financial institutions, and analyzing reverse mortgages.

    Lucas is a Research Associate at the National Bureau of Economic Research, a Term Professor at the PBC School of Finance at Tsinghua University, and a member of the Shadow Open Market Committee. She serves on advisory boards for the Federal Reserve Bank of New York and the Urban Institute, on the editorial board of the Annual Review of Financial Economics, and as an associate editor for the American Economic Journal: Economic Policy. She is a board member of the Chicago Mercantile Exchange, and consultant for the OECD and the Congressional Budget Office. She is an elected member of the National Academy of Public Administration and the National Academy of Social Insurance.

    Previous appointments include chief economist, and subsequently assistant and associate director at the U.S. Congressional Budget Office, member of the Social Security Technical Advisory Panel, senior staff economist for U.S. Council of Economic Advisers, Professor at the Kellogg School of Management at Northwestern University, and coeditor of the JMCB. An expert on federal credit programs, she has testified before the U.S. Congress on Fannie Mae and Freddie Mac, student loans, and strategically important financial institutions.

    Lucas received her BA, MA, and a Ph.D. in economics from the University of Chicago.

    Senior Lecturer and Executive Director, MIT Golub Center for Finance and Policy
    Edward Golding
    Senior Lecturer and Executive Director

    Prior to serving as the head of the Federal Housing Administration from 2015-2017, Ed Golding was a senior advisor in the U.S. Department of Housing and Urban Development. In that role, he helped formulate policy on housing finance reform and the expansion of funding for the Housing Trust Fund.

    Golding was also an executive at the Federal Home Loan Mortgage Corporation (Freddie Mac) from 1989-2012, where he headed model development, strategy and investor relations and developed a national reputation for visionary leadership in housing finance policy.

    Most recently, Golding served as a Visiting Fellow in the Housing Finance Policy Center at the Urban Institute and as an Adjunct Professor of Finance at Columbia Business School. In addition, Golding has taught at the Wharton School of the University of Pennsylvania, the Woodrow Wilson School of Public and International Affairs at Princeton University, and the University of Florida.

    He earned an AB degree in applied mathematics from Harvard University in 1976 and a PhD in economics from Princeton University in 1982.

    • Where do we need innovation, and what innovation is harmful?  Single securities, credit risk transfers, and GSE reform
    • Are we in a bubble like 2008, and what is the role of government in housing bubbles? Counter-cyclical buffers, living wills, and other policy levers
    11:20 AM

    Adjournment