Remarks by Acting Assistant Secretary of Financial Institutions Laurie Schaffer at the Electronic Transaction Association’s Annual Fintech Policy Forum

As Prepared for DeliveryIntroductionThank you to the ETA for inviting me here today to speak. My name is Laurie Schaffer, and I serve as the Acting Assistant Secretary for Financial Institutions at the Department of the Treasury. In my current role, I oversee a broad policy portfolio, encompassing banks, credit unions, fintechs, the insurance sector, cybersecurity and critical infrastructure protection, community development, and consumer protection.Since beginning this role, I have observed that the growing prominence of AI touches almost all aspects of my portfolio. AI holds the promise of facilitating innovation and modernization of financial services in product design, distribution, delivery, and cost.