WASHINGTON, DC—FS Vector Co-Founder and CEO John Beccia released the following statement on the release of the U.S. Treasury Department’s new report on nonbank financials, fintech and innovation:
“Today’s announcement from the Treasury Department is a step in the right direction. Technology is rapidly changing, but our fragmented, federal regulatory scheme is slowing the pace of innovation. Exploring what kinds of regulations are needed through the use of sandboxes will be helpful in identifying how best to simplify our regulations in a way that continues to protect consumers.
“The fintech bank charter would also provide a more efficient level of oversight for innovative companies looking to expand financial offerings to consumers—some of whom are not served by the current banking system. We applaud the administration for providing a framework and principles to address the rapidly evolving, financial-services landscape.”
The report is the fourth in a series by the Trump administration and includes more than 80 recommendations to help streamline and refine the regulatory environment. In addition to its federal recommendations, the report calls for a more unified licensing regime at the state level. The full report and summaries are available on the Treasury Department’s website here.