On July 30, 2018, the U.S. Department of the Treasury issued its much-anticipated report on reshaping Fintech regulation. “A Financial System That Creates Economic Opportunities — Nonbank Financials, Fintech, and Innovation,” available here, focuses on the regulation of financial technology and makes more than 80 recommendations related to Fintech and nonbank financial policy, including:
- endorsing so-called regulatory sandboxes;
- ending the CFPB’s small-dollar lending rule;
- increasing consumers’ control over their data;
- establishing a national data breach notification standard; and
- endorsing the OCC’s Fintech charter proposal.
The report also proposes an approach to conforming some of the differences in state-by-state financial regulation and advocates for greater legal certainty in nonbank lending. Stay tuned for Mayer Brown’s forthcoming analysis of the key aspects of the report.