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Legal Update

If Only: US Treasury Department Report Creates a Wish Tree of Financial Reform for Fintech

4 September 2018
Mayer Brown Legal Update
Regardless of whether its recommendations are achievable in whole or in part or merely aspirational, the US Department of Treasury’s (“Treasury”) report issued on July 30, 2018—A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech and Innovation—is an ambitious, well-thought-out, comprehensive compendium of proposals to foster innovation in our financial system. Treasury deserves kudos for organizing and analyzing a disparate set of potential reforms to help synchronize old laws with new ways to conduct business. The question is whether this laudable blue-print for reform can serve as the impetus for real change given our current state of affairs. This Legal Update provides a high-level summary of the Treasury recommendations, along with a brief analysis of the key areas and some thoughts regarding the prospects for successful implementation of the pertinent proposals. 

Authors

  • Costas “Gus” Avrakotos
    T +1 202 263 3219
  • David L. Beam
    T +1 202 263 3375
  • Matthew Bisanz
    T +1 202 263 3434
  • Emily J. Booth-Dornfeld
    T +1 202 263 3296
  • Melanie Brody
    T +1 202 263 3304
  • Kathryn E. Civitello
    Staff Attorney
    T +1 202 263 3000
  • Krista Cooley
    T +1 202 263 3315
  • Thomas J. Delaney
    T +1 202 263 3216
  • Francis L. Doorley
    T +1 202 263 3409
  • Anjali Garg
    Associate
    T +1 202 263 3419
  • Jonathan D. Jaffe
    T +1 650 331 2085
  • Adam D. Kanter
    T +1 202 263 3164
  • Peter S. Kim
    Associate
    T +1 202 263 3422
  • Kristie D. Kully
    T +1 202 263 3288
  • Alex C. Lakatos
    T +1 202 263 3312
  • Eric T. Mitzenmacher
    T +1 202 263 3317
  • Laurence E. Platt
    T +1 202 263 3407
  • Lauren B. Pryor
    T +1 202 263 3205
  • Brad A. Resnikoff
    T +1 202 263 3110
  • Stephanie C. Robinson
    T +1 202 263 3353
  • Phillip L. Schulman
    T +1 202 263 3021
  • Tori K. Shinohara
    T +1 202 263 3318
  • Christopher G. Smith
    T +1 202 263 3421
  • Jeffrey P. Taft
    T +1 202 263 3293
  • Joy Tsai
    Associate
    T +1 202 263 3037
  • Donald S. Waack
    T +1 202 263 3165
  • Keisha L. Whitehall Wolfe
    T +1 202 263 3013
  • James K. Williams
    T +1 202 263 3891
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