Last month, the Treasury Department issued a 222-page report to President Trump on Nonbank Financials, Fintech, and Innovation in which it recommends large-scale regulatory changes to promote innovation in the realm of fintech. The report makes clear the view of the Treasury Department that "innovation is critical to the success of the U.S. economy, particularly in the financial sector." To that end, the Treasury Department's report seeks to identify opportunities to "modernize regulation to embrace the use of data, encourage the adoption of advanced data processing and other ...
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