United States:
US Corporate Law News: US Treasury Releases Report Detailing Principles And Recommendations For Fintech Companies
23 August 2018
Withers LLP
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On July 31, 2018, the U.S. Department of the Treasury released a
report outlining proposed improvements to the regulatory scheme for
Fintech and nonbank financial companies. The report is the fourth
in a series of Treasury reports in response to Executive Order
13772, which calls on the Treasury to identify laws and regulations
to encourage growth in the Fintech sector. The highlights among the
80 recommendations include: (1) the endorsement of a new federal
bank charter for Fintech companies; (2) the enactment of stringent
federal data security and breach notifications rules to protect
consumers; and (3) the use of regulatory "sandboxes"
thereby permitting companies to seek regulatory guidance while
simultaneously releasing innovative products or services. For more
information, see https://home.treasury.gov/news/press-releases/sm447.
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