Congress should seriously consider how fintech is impacting financial services, Rep. Emanuel Cleaver said during an interview yesterday with American Banker.

If Congress doesn’t act on the technology, “we are setting ourselves up for serious problems down the road,” Cleaver told the publication.

Cleaver, who is the top Democratic representative on  the House Financial Services Committee, believes the first step is to get more “fintech representatives” before the house.

While fintech has made several strides within banking towards innovating old or outdated systems, its place in regulation has remained more murky — whether these technologies are considered part of the big bank ecosystem or separate entities is still unclear, according to Cleaver.

Read more at American Banker and PYMNTs.

To learn more about the latest developments in fintech regulation, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to request an invitation.