The Path Forward: US Treasury Releases Fintech Report

On July 31, 2018, the US Department of the Treasury released its Report on Nonbank Financials, Fintech, and Innovation (the "Treasury Report"), containing approximately 80 recommendations on the regulation of financial services.  The Treasury Report seeks to identify policies that will further the US position in financial services and innovation, pursuant to Executive Order 137772 on Reducing Regulation and Controlling Regulatory Costs. 

The Treasury Report puts forward detailed recommendations applicable to financial services regulation, including in respect of activity-based financial services regulation.  The Treasury Report also addresses a number of data regulation related matters (such as access by third parties to consumer financial data, and data security and breach notification requirements) and issues relating to digital identity, artificial intelligence, cloud computing and the use of technology by regulators ("Regtech").