Treasury Releases Report on Nonbank Financials, Fintech, and Innovation

Fourth report in a series on the Administration’s Core Principles for Financial RegulationWashington–The U.S. Department of the Treasury today released a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation.“American innovation is a cornerstone of a healthy U.S. economy. Creating a regulatory environment that supports responsible innovation is crucial for economic growth and success, particularly in the financial sector,” said Secretary Steven T. Mnuchin. “America is a leader in innovation. We must keep pace with industry changes and encourage financial ingenuity to foster the nation’s vibrant financial services and technology sectors.”The report issued today is Treasury’s fourth report in response to Executive Order 13772.