July 31, 2018 – The U.S. Department of the Treasury today released a report outlining a number of policy proposals to modernize federal financial services regulations. The Treasury report aligns with many of the policy recommendations of Financial Innovation Now, such as streamlined federal rules, open data, payment innovation, and tech-neutral security.
The following statement is attributed to Brian Peters, Executive Director of Financial Innovation Now:
“Financial Innovation Now advocates for smart federal policies that promote technological innovation in financial services, and we believe the Treasury Department’s report is a strong step towards modernizing antiquated financial regulations. From secure mobile payments to fast and accessible credit, FIN member companies are empowering consumers and small businesses with helpful financial tools. We look forward to working with Congress and federal financial regulators on these necessary policy updates.”
The Treasury report is available here. Today’s report was in response to Executive Order 13772, issued by the President on February 3, 2017, which calls on Treasury to identify laws and regulations that are inconsistent with the administration’s Core Principles for financial regulation.