The Treasury Department on Tuesday released its blueprint for regulating financial technology, a sweeping document that could influence policy in the emerging industry for years to come.
The recommendations include the endorsement of so-called regulatory sandboxes, which would allow companies to experiment with new services that push the boundaries of current law.
Treasury also called for the end of the Consumer Financial Protection Bureau's small-dollar lending rule, increased control for consumers over their data, and a national data breach notification standard. And it endorsed the fintech charter proposed by the Office of the Comptroller of the Currency. The OCC quickly followed through and offered updated guidance for its charter hours after Treasury released its report.
In all, the report makes more than 80 recommendations related to fintech and nonbank financial policy. On a background call with reporters, Treasury officials estimated that two-thirds of their recommendations could be enacted directly by regulators, with the remainder requiring congressional action.
Read more in POLITICO.