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.

 

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