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The New York State Department of Financial Services ("NYDFS") launched a new program to support innovation in financial services. The FastForward program is intended to support innovators developing FinTech, InsurTech and HealthTech solutions.
According to the NYDFS, the goal of the program is to reduce barriers and speed up the regulatory process. The program offers resources to (i) support Main Street small business recovery, (ii) deliver and improve access to healthcare, and (iii) provide resources for individuals to strengthen their financial "resilience."
The NYDFS noted that the program follows an InsurTech pilot known as "Project Whitewall," which offered companies the opportunity to meet with NYDFS representatives to understand how NYDFS regulations may apply to their respective InsurTech solutions.
Commentary Steven Lofchie
The NYDFS has been somewhat ambivalent towards FinTech banking businesses. See, e.g., SDNY Allows NYDFS to Pursue FinTech Charter Lawsuit against OCC and DFS Report Indicates Increased Level of Online Lending in New York; but, for a more positive take, see NYDFS Approves Software Company's Virtual Currency and Money Transmitter Application. Firms will have to see whether the new FastForward program represents a greater willingness to accept alternative business models and how the NYDFS might regulate those alternative models.
Originally published June 09, 2020.
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