Fintech sandbox legislation headed to Ohio House for vote

As the General Assembly returns from its summer break, Senate Bill 249, also known as the Fintech Sandbox Bill, will be heard in committee. The bill would create a regulatory sandbox where a financial institution or financial technology company can test its product or service with a relaxed regulatory environment for a set duration and on an established number of consumers.  

The Ohio Bankers League (OBL) worked on the bill with Sen. Steve Wilson (R-Maineville), Jobs Ohio, Innovate Ohio, and the Administration on SB 249. In previous hearings, OBL provided interested party testimony highlighting the need for regulators to gain a better understanding of fintechs to properly regulate them. 

During the week of Nov. 14, SB 249 was heard and voted out of the House Financial Institutions Committee where it is now headed to the House floor for a vote. SB 249 has already made its way through the Senate. If the House passes the bill, it will be sent to Gov. DeWine for signature.