US Treasury report on FinTech calls for sweeping changes

On July 31, 2018, the U.S. Department of Treasury issued its highly anticipated report on FinTech regulation and innovation entitled "A Financial System That Creates Economic Opportunities: Nonbank Financials, FinTech, and Innovation."

Recognizing the proliferation of technological advances and activity from FinTech and non-bank entities, the report surveys the current regulatory landscape for a broad array of FinTech innovations.

The Report generally finds that while financial institutions and tech firms have embraced the shift to digital processes to meet customer demands, the regulatory environment lags.

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