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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NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.