Rosemarie Calabro Tully
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July 12, 2018
FS Vector, a New Financial Services Policy & Regulatory Strategy Firm, Launched by Raj Date and Fintech Industry Veterans
FS Vector Enables Fintech Innovation by Providing Practical Solutions, Strategic Counsel on Navigating Regulatory and Political Environments
WASHINGTON, DC—Today Raj Date and John Beccia III are launching FS Vector, a new advisory firm created to help innovative financial services companies implement fintech and regtech initiatives, establish best practices, and navigate complex regulatory and legislative challenges. They will be joined by industry veteran John Collins, who will be a partner in the firm. Affiliated with Date’s Fenway Summer Ventures, the goal of FS Vector is to disrupt the traditional advisory services model by providing cutting-edge counsel on regulatory, compliance and policy issues for firms at all stages of development.
The rapid emergence of new financial services business models and related technology, along with a shifting regulatory landscape, has created the need for advisors with relevant subject matter expertise, real-life operating experience and the ability to offer practical solutions.
“FS Vector is taking a different and long-overdue approach to regulatory, compliance and policy issues,” said Raj Date, the first-ever Deputy Director of the United States Consumer Financial Protection Bureau, the founder of fintech venture capital firm Fenway Summer Ventures and a co-founder of FS Vector. “In the same way that financial technology is enabling new business models, firms can also use technology to ensure compliance in a way that both better manages risk and is far more cost-effective. FS Vector can be a trusted partner to innovative financial services firms as they embark on these newly-enabled strategies.”
Nobody understands the practical challenges of operating an innovative business more than the leadership team at FS Vector, who spent the last several years developing compliance protocols and engaging policymakers on fintech and cryptocurrency related matters.
“These technologies have the ability to be transformative for consumers, but an uncertain legal framework poses challenges,” said John Beccia III, Co-Founder and CEO of FS Vector. Not only do we want to help individual companies overcome these barriers, but we want to create a forum for thought leadership and foster positive collaboration among the industry and government in order to educate key stakeholders, shape policy and ensure that innovation isn’t stifled,” Beccia added.
“There are many areas within the fintech space that are ripe for the development of a responsible and well-informed regulatory framework,” said John Collins, Partner of FS Vector. “In particular, there are pressing public policy issues facing cryptocurrency- and blockchain-related businesses that we believe we can help address though our advisory services, education and industry collaboration.”
The leaders of FS Vector have a wealth of combined experience on these issues, having served in top leadership positions in private corporations and the government.
FS Vector serves a range of innovative firms: fintech and regtech, cryptocurrency/blockchain, banks, securities firms, lenders, service providers and trade associations. FS Vector works with companies across a variety of development stages – from start-ups that are addressing regulatory issues and building compliance programs for the first time; to growth-stage companies looking to scale and expand their offerings or geographic footprints; to mature financial institutions leveraging regtech and fintech solutions.
FS Vector’s core services include (1) compliance program management, (2) government and regulatory strategy and (3) regtech advisory services. Individual client engagements might include high-level legislative and regulatory strategy, shaping policy, developing and implementing risk-management programs, establishing governance protocols and installing operational efficiencies within compliance functions.
Raj Date previously served as the first-ever Deputy Director of the CFPB; on the senior staff committee of the Financial Stability Oversight Council; as a Statutory Deputy to the FDIC Board; and in a series of positions at Deutsche Bank Securities, Capital One Financial, and McKinsey & Company. He is the founder of FS Vector’s affiliate Fenway Summer Ventures, a fintech venture capital firm.
John Beccia III served as General Counsel and Chief Compliance Officer at Circle; as Deputy General Counsel at Boston Private Financial Holdings, Inc. and as Chief Regulatory Counsel for The Financial Services Roundtable.
John Collins served as Head of the Red Flag Consulting USA; Vice President for International Policy at the Bankers Association for Finance and Trade; Head of Policy for Coinbase and a Senior Staffer in the United States Senate.
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