Traditional financial institutions have been successful in many ways, but they have struggled to meet the needs of millions of Americans in underserved communities. Too many households remain unbanked or underbanked. Too many small businesses do not have adequate access to capital for support and growth. FinTechs offer the promise of lower costs and greater innovation. However, financial regulators must remain vigilant about potential problems such as algorithmic biases in lending decisions. Traditional financial institutions, FinTech innovators, and financial regulators have an incredible opportunity to work together to harness the power of FinTech to increase economic and social mobility.