{"id":1821,"date":"2019-02-07T14:10:38","date_gmt":"2019-02-07T21:10:38","guid":{"rendered":"https:\/\/economicintegrity.org\/?p=1821"},"modified":"2019-02-07T16:02:08","modified_gmt":"2019-02-07T23:02:08","slug":"arizona-fintech-regulatory-sandbox-an-opportunity-lost","status":"publish","type":"post","link":"https:\/\/economicintegrity.org\/?p=1821","title":{"rendered":"Arizona Fintech Regulatory Sandbox \u2013 An Opportunity Lost"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"120\" src=\"https:\/\/economicintegrity.org\/wp-content\/uploads\/2019\/02\/Three-logos-960x120-1.png\" alt=\"\" class=\"wp-image-1847\" srcset=\"https:\/\/economicintegrity.org\/wp-content\/uploads\/2019\/02\/Three-logos-960x120-1.png 960w, https:\/\/economicintegrity.org\/wp-content\/uploads\/2019\/02\/Three-logos-960x120-1-150x19.png 150w, https:\/\/economicintegrity.org\/wp-content\/uploads\/2019\/02\/Three-logos-960x120-1-300x38.png 300w, https:\/\/economicintegrity.org\/wp-content\/uploads\/2019\/02\/Three-logos-960x120-1-768x96.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/figure>\n\n\n\n<p>Contacts<g class=\"gr_ gr_56 gr-alert gr_gramm gr_inline_cards gr_run_anim Style replaceWithoutSep\" id=\"56\" data-gr-id=\"56\">:<\/g><br><strong><g class=\"gr_ gr_56 gr-alert gr_gramm gr_inline_cards gr_run_anim Style replaceWithoutSep\" id=\"56\" data-gr-id=\"56\">Kelly<\/g> Griffith<\/strong>, Executive Director, <a href=\"https:\/\/economicintegrity.org\/\">Center for Economic Integrity<\/a> (520) 250-4416<br><strong>Cynthia Zwick<\/strong>, Executive Director,&nbsp;<a href=\"https:\/\/wildfireaz.org\/\">Wildfire<\/a>&nbsp;(602) 604-0640<br><strong>Ellen Sue Katz<\/strong>, Executive Director,&nbsp;<a href=\"https:\/\/morrisinstituteforjustice.org\/\">William E. Morris Institute for Justice<\/a> (602) 252-3432<\/p>\n\n\n\n<strong><a href=\"https:\/\/economicintegrity.org\/wp-content\/uploads\/2019\/02\/2019-02-07-Press-Release-HB-2177.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-file-pdf\" aria-hidden=\"true\"><\/i> News Release: February 7, 2019<\/a><\/strong>\n\n\n\n<p> <\/p>\n\n\n\n<p><strong>TUCSON<\/strong> (February 07,\n2019) \u2013 A bill passed by the House Commerce Committee to expand the Arizona\nAttorney General\u2019s secretly run \u201csandbox,\u201d which allows financial services\ncompanies to operate without a license to test an \u201cinnovative\u201d product or\nservice, will further erode consumer protections and limit transparency.<\/p>\n\n\n\n<p>The Arizona Fintech Regulatory Sandbox Law, signed by Arizona\nGovernor Doug Ducey in March 2018 and launched last August, makes secret all\ninformation provided by sandbox applicants and gives the Arizona Attorney\nGeneral\u2019s office complete control over all decisions. In its first six months,\nonly three companies have been approved and one is a \u201cmoney transmitter.\u201d None\nof their products are on the market.<\/p>\n\n\n\n<p>House Bill 2177, which passed along party lines on Feb. 5,\ncontains \u201ctechnical\u201d amendments which:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Allow an increased number of consumer \u201ctesters,\u201d\ndespite the program being in operation for only six months and having no track\nrecord<\/li><li>Remove the requirement for consumers testing Money\nTransmitter transactions to be Arizona residents<\/li><li>Remove requirements to manage records in\nconformance with federal law, and to operate in conformance with requirements\nof the Arizona Corporation Commission<\/li><li>Specify the Attorney General \u201calone\u201d enforces\nthe program, conflating oversight with approval by the same elected official<\/li><li>By amendment, allow companies to enter the\nsandbox without otherwise being required to be licensed<\/li><\/ul>\n\n\n\n<p>\u201cThe bill <em>could<\/em> have been a vehicle for correcting problems with the sandbox law,\u201d said Ellen Katz, Executive Director of the Morris Institute for Justice.\u00a0 \u201cAmong the most important is transparency. The Attorney General has denied Public Records requests for information on protections and requirements he makes of the companies in the sandbox. There is very little information posted on the Attorney General\u2019s website to inform the public about their rights or protections for sandbox companies. The law\u2019s exemption from the public records requests should be removed so the public can find out what is going on.\u201d<\/p>\n\n\n\n<p>Representatives who voted \u201cNo\u201d, all Democrat, clearly sympathized\nwith points made by speakers in opposition to the bill, who urged lawmakers to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Maintain the cap on the number of consumer\ntesters (now up to 17,500 per product or service)<\/li><li>Remove Auto Title Lenders from the scope of the\nsandbox, which were added at the last minute last year, and who can make\npredatory asset-based loans in the sandbox. There is no \u201cinnovation\u201d that would\nmake vehicle-secured loans costing up to 204 percent interest beneficial for\nconsumers.<\/li><li>Add safety and soundness requirements of the\nMoney Transmitter law, in order to protect consumers, for example from the\nrisks now widely seen to be associated with cryptocurrency exchanges.<\/li><li>Remove the unnecessary word \u201calone\u201d from\nauthorization for the Attorney General to enforce the law.<\/li><\/ul>\n\n\n\n<p>\u201cThe Attorney General already has extraordinary authority under the sandbox law, and it should not be expanded by HB 2177, particularly before it has a chance to work in its current structure,\u201d said Mary Ryan, Board President of the Center for Economic Integrity.\u00a0 \u201cOnly the Attorney General decides whether a product or service is \u201cinnovative\u201d and eligible for the sandbox with no public input and no public documentation. Only the Attorney General decides if a company can enter the sandbox and there is no appeal for his decisions. The Attorney General does not even ask applicants if their product will benefit consumers.\u201d <\/p>\n\n\n\n<p>The <a href=\"https:\/\/nomoreloansharksaz.org\/\">Arizonans for Responsible Lending<\/a>\ncoalition opposed the sandbox bill in 2018 as undermining consumer protections\nand creating duplicative regulatory agencies.<\/p>\n\n\n\n<p>\u201cGreater transparency is needed in the sandbox, the borders of which should not be expanded. HB 2177 provided the Commerce committee an opportunity to better protect consumers, which was not taken,\u201d stated Cynthia Zwick, Executive Director of Wildfire (formerly the Arizona Community Action Association). \u201cThe legislature should vote no on a bigger <g class=\"gr_ gr_5 gr-alert gr_gramm gr_inline_cards gr_run_anim Punctuation only-del replaceWithoutSep\" id=\"5\" data-gr-id=\"5\">sandbox,<\/g> since the Attorney General has yet to demonstrate that his new sandbox works to benefit and protect consumers and ensure fair competition with companies licensed by the Arizona Department of Financial Institutions.\u201d<\/p>\n\n\n\n<p style=\"text-align:center\">###<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contacts:Kelly Griffith, Executive Director, Center for Economic Integrity (520) 250-4416Cynthia Zwick, Executive Director,&nbsp;Wildfire&nbsp;(602) 604-0640Ellen Sue Katz, Executive Director,&nbsp;William E. Morris Institute for Justice (602) 252-3432 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[11,5],"tags":[10,12],"class_list":["post-1821","post","type-post","status-publish","format-standard","hentry","category-fintech","category-press-releases","tag-consumer-protection","tag-sandbox"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Arizona Fintech Regulatory Sandbox \u2013 An Opportunity Lost - Southwest Center for Economic Integrity<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicintegrity.org\/?p=1821\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arizona Fintech Regulatory Sandbox \u2013 An Opportunity Lost - Southwest Center for Economic Integrity\" \/>\n<meta property=\"og:description\" content=\"Contacts:Kelly Griffith, Executive Director, Center for Economic Integrity (520) 250-4416Cynthia Zwick, Executive Director,&nbsp;Wildfire&nbsp;(602) 604-0640Ellen Sue Katz, Executive Director,&nbsp;William E. 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