The U.S. Department of the Treasury released a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation. This is the fourth and final report in response to the 2017 Executive Order of President Trump; the Executive Order called on Treasury to identify laws and regulations that are inconsistent with the Core Principles for financial regulation it set forth.
In drafting the report, the Treasury consulted extensively with a wide range of stakeholders focused on consumer financial data aggregation, lending, payments, credit servicing, financial technology, and innovation. These improvements should enable U.S. firms to more rapidly adopt competitive technologies, safeguard consumer data, and operate with greater regulatory efficiency. The report identifies just over 80 recommendations that are designed to:
- Embrace the efficient and responsible use of consumer financial data and competitive technologies
- Streamline the regulatory environment to foster innovation and avoid fragmentation
- Modernize regulations for an array of financial products and activities
- Facilitate “regulatory sandboxes” to promote innovation
Keywords: Americas, US, Banking, Insurance, Securities, PMI, Fintech, Regtech, Regulatory Sandbox, US Treasury
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