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Treasury Issues Fintech Report; Comments on Small-Dollar, Student Lending
On Tuesday, July 31, 2018, the Treasury Department released a report on Fintech and Innovation, issuing broad and specific recommendations to empower consumers and to facilitate innovation in the U.S. financial system. This is the fourth report from Treasury as part of its effort to implement the President's Executive Order on Core Principles for Regulating the United States Financial System. In its report, Treasury makes the following recommendations:
- Embrace the efficient and responsible use of consumer financial data and competitive technologies: This includes a national data security and breach notification standard. It also includes recommendations to modernize digital communications, such as TCPA and FDCPA.
- Streamline the regulatory environment to foster innovation across business models: This includes a recommendation for harmonization of state licensing and supervision. It also includes a call for harmonizing guidance on third-party relationships and supports the OCC's fintech charter proposal.
- Modernize activity-specific regulations: This includes recommendations related to marketplace lending, mortgage lending and servicing, small dollar loans, debt collection, payments, student lending and wealth management.
- Facilitate experimentation: This includes recommendations for a "regulatory sandbox" and for strengthening regulator engagement with industry.
More information about the report is available here.