U.S. Treasury Report Recommends Congressional and Regulatory Support of Technological Innovation for FinTech and Nonbank Financial Services Industries -

The Department of the Treasury (“Treasury”) released a sweeping report on July 31, 2018 entitled “Nonbank Financials, Fintech, and Innovation” (the “Report”), recommending updates to regulations to embrace current technology and consumer practices, unification and harmonization of regulations to promote innovation, changes to regulations for certain financial service industry activities, and alteration of the regulatory environment to foster innovation. Much of the Report deals with the complexities caused by the dual federal-state system of financial regulation. While the Report itself does not adopt new laws or regulations, the official positions taken in the Report may very well create the momentum needed for such changes in the years to come.