Illinois Regulator Launches Guidance Initiative to Drive Fintech Innovations

Speaking at Chicago’s Fintech Week 2017, Secretary Bryan A. Schneider of the Illinois Department of Financial and Professional Regulation (IDFPR) today announced a new initiative aimed at supporting and encouraging innovation in financial services. IDFPR’s Financial Innovation Initiative seeks to assist both financial service start-ups and established businesses in bringing innovative ideas to the financial services markets. Schneider sees the project as an opportunity for the state’s regulator to serve the changing needs and preferences of customers, banks and the financial sector.

“As a regulator with a competitive objective, IDFPR seeks an active role in efforts to ensure Illinois’ regulatory approach is in step with digital innovation,” said Bryan A. Schneider, IDFPR Secretary. “With the launch of our Financial Innovation Initiative, we endeavor to support fintech businesses through regular engagement and education, while gaining real-time insight into how current laws and regulations are impacting these emerging technologies.”

IDFPR’s Financial Innovation Initiative represents a first of its kind in the state regulatory system and will begin by engaging with innovators in the financial services community through regularly scheduled office hours at Illinois-based fintech and innovation incubators to provide informal assistance and guidance.

In the coming months, IDFPR will roll out additional projects under the Financial Innovation Initiative, featuring a dedicated “RegHub” or web portal providing innovators easy access to resources needed to effectively navigate state regulatory obligations, training resources for staff regarding emerging trends, as well as exploring opportunities to drive regulatory collaboration and uniformity with other federal, state and international regulators.