U.S. Treasury Publishes Vague Financial Innovation Report

Corporate treasury operations will not be affected by new fintechreport.

The Treasury Department’s 222-page report to President Donald Trump on nonbank financials, fintech and innovation offered 80 separate recommendations on government policy, but few are likely to impact corporate treasury operations anytime soon.

The prescribed measures largely had to do with ensuring that regulatory language was applicable to the digital age.

The report surggested giving consumers greater control over the data they share online. It also recommended updating the definition of “consumer” to include aggregators who want customer data.

What was striking, however, was the absence of recommendations for distributed ledger technology, or blockchain. The report stated that “these technologies…are being explored separately in an interagency effort.”

Machine learning drew robust discussion in the document, but the report only made two recommendations in this area: to establish an interagency effort to explore the topic further; and “to provide greater regulatory clarity” around artificial intelligence-testing and deployment in the financial-services industry.