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SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the new Department of Treasury report on nonbank financials, fintech, and innovation:
“We commend Secretary Mnuchin and the Treasury Department staff for the on-going, thorough review of our financial regulatory system. We are pleased that a core foundation of this report is to create a regulatory environment that encourages responsible innovation and improves regulatory coordination and responsiveness. We are also pleased to see the strong attention paid to data aggregation, with recommendations that are consistent with and acknowledge the SIFMA Principles for Data Aggregation.
“The financial services industry is rapidly evolving, and innovation should allow financial institutions to more efficiently serve clients commensurate with strong consumer protection, improve the security of the fintech ecosystem, compete with other providers of financial services, and enhance compliance with regulations. To foster such innovation, regulators and legislators must rethink how old concepts and principles apply to financial services delivered through new technologies and acknowledge that responsible innovation will advance the interests of both consumers and the financial system. The time for a comprehensive examination is now and we look forward to further reviewing the Treasury’s report.”
