The report issued is Treasury’s fourth report in response to Executive Order 13772. Issued in February 2017, this E.O. calls on Treasury to identify laws and regulations that are inconsistent with the Core Principles for financial regulation it set forth.
In drafting the report, Treasury consulted extensively with a wide range of stakeholders focused on consumer financial data aggregation, lending, payments, credit servicing, financial technology, and innovation.
Treasury’s recommendations are designed to facilitate US company innovation by streamlining and refining the regulatory environment. These improvements should enable US companies to more rapidly adopt competitive technologies, safeguard consumer data, and operate with greater regulatory efficiency.
Treasury’s 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; and
Facilitate “regulatory sandboxes” to promote innovation.
This report is the fourth and final in a series of reports released under E.O. 13772. Previous reports included Banks and Credit Unions, Capital Markets, Asset Management and Insurance.
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