On July 30, 2018, the U.S. Department of the Treasury issued its much-anticipated report on reshaping Fintech regulation. "A Financial System That Creates Economic Opportunities — Nonbank Financials, Fintech, and Innovation," available here, focuses on the regulation of financial technology and makes more than 80 recommendations related to Fintech and nonbank financial policy, including:

  • endorsing so-called regulatory sandboxes;
  • ending the CFPB's small-dollar lending rule;
  • increasing consumers' control over their data;
  • establishing a national data breach notification standard; and
  • endorsing the OCC's Fintech charter proposal.

The report also proposes an approach to conforming some of the differences in state-by-state financial regulation and advocates for greater legal certainty in nonbank lending. Stay tuned for Mayer Brown's forthcoming analysis of the key aspects of the report.

Visit us at mayerbrown.com

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

© Copyright 2018. The Mayer Brown Practices. All rights reserved.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.