U.S. government intends to assist the development of fintech companies with a favorable regulatory framework and new opportunities.

The U.S. Treasury has released a report presenting 80 recommendations on fintech companies, including “creating opportunities for responsible experimentation on innovative financial services”.

Forbes reports that these suggestions resemble the Revised Payment Services Directive (PSD2) that the European Union introduced in January 2018.


“America is a leader in innovation. We must keep pace with industry changes and encourage financial ingenuity to foster the nation's vibrant financial services and technology sectors,” said U.S. Treasury Secretary Steve Mnuchin.

In general, the Treasury Department’s recommendations can be summarized in four categories:

- adapting the regulations for sharing and use of consumer financial data;
- aligning the regulatory framework to account for new business models;
- updating activity-specific regulations across a range of products and services; and
- advocating an approach to regulation that enables responsible experimentation in the financial sector.

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