This week a House subcommittee held a hearing to better understand the how to balance the proliferation of financial technology (“fintech”) with consumer protection. As with all of the conversations, conferences and symposia regarding financial innovation, the discussion was focused on credit. However 30% of the adult population of the United States has at least one past due account. Yet, there is no discussion of real innovation on that side of the equation.
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The Department of Education (ED) announced yesterday that Kathleen Smith will serve as the deputy chief operating officer, responsible for managing the daily operations of Federal Student Aid (FSA) and its 1,300 employees and $1.4 trillion student loan portfolio.