On December 2, Fed Governor Lael Brainard announced, at the Conference on Financial Innovation in Washington DC, that the Fed has formed a Fintech working group. The move comes as the OCC takes steps toward launching a fintech bank charter. According to Ms. Brainard, the group will incorporate personnel with a broad array of expertise and will be tasked with “facilitat[ing] innovation where it has the potential to yield broad social benefit, while ensuring that risks are thoroughly managed.” While Ms. Brainard highlighted several benefits from the growth of Fintech, the Fed Governor also raised certain concerns innovations relying on data sharing could create security, privacy, and data-ownership risks, despite increased convenience to consumers. Specifically, Ms. Brainard explained, the Fed must “be attentive to the potential social benefits of these new technologies, prepared to make the necessary regulatory adjustments if their safety and integrity are proven and . . . vigilant to ensure risks are well understood and managed.”