U.S. Treasury previews upcoming report on fintech reforms

A report from the U.S. Treasury Department on financial technology will make wide-ranging recommendations about how to modernize regulation at the federal and state levels to promote innovation in financial services. The report, which is expected to be released in the coming weeks, will be the fourth and final in a series the Treasury was tasked with completing as part of an executive order from President Donald Trump on recommendations for regulatory reform. The report will recommend changes to statutes and regulations, and in some cases give guidance on rulemaking. It will examine themes such as how regulators can accelerate innovation, reduce regulatory overlap, and tailor rules based on the size and complexity of various business models, including startups and established financial services institutions. Some of the areas covered in the report include consumer and business lending, credit services, mortgage lending and servicing, student loans and student loan servicing, auto lending, small dollar lending and debt collection. It will also look at advanced credit modeling and enhanced credit scoring techniques, credit bureaus, payments, wealth management and digital financial planning.

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