The U.S. Department of Treasury and the Office of the Comptroller of the Currency each announced developments that pave the way for FinTech firms and other non-banks to more easily compete with traditional banks.
The first development came on July 31 from the U.S. Department of Treasury in the form of a 222-page report, “identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation,” the Treasury stated. It is the fourth report issued by Treasury, under the direction of Secretary Steven Mnuchin, in response to Executive Order 13772.
