In late July, the Treasury Department issued its report on fintech and financial innovation. A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation (the “Report”) is the fourth report issued by Treasury in response to President Trump’s February 2017 Executive Order No. 13772 setting forth certain core principles for the US financial system. The Report is an ambitious and comprehensive compendium of proposals to foster innovation in the US financial system and includes over 80 recommendations for consideration.
The adoption of all of the Report’s recommendations would significantly overhaul the US financial regulatory system. But many of the proposals would require Congressional action, and others are more principles-based, recommending the development of concrete reforms.
In this teleconference, Mayer Brown partners David Beam, Melanie Brody, Alex Lakatos and Jeffrey Taft discuss the Report and its specific provisions related to:
(i) Fostering innovation
(ii) Artificial intelligence and machine learning
(iii) New credit models and types of credit data
Download the teleconference here.