The U.S. Department of the Treasury’s recent report evaluating economic opportunities presented by nonbank financial institution and fintech company innovations includes a detailed account of current data aggregation activities in the financial services marketplace and provides policy recommendations that shed light on the federal government’s current views on data aggregation. (See our legal alert and

A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation” focuses on the mortgage industry.  A detailed discussion of the Treasury’s mortgage-related findings and recommendations is available here.

We have previously blogged about the portion of the Treasury report that focuses on payments and have

A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation,” focuses on payments.  (See our legal alert for a discussion of other portions of the Treasury’s report.)

Current payment methods.  The report notes four primary core payment systems: credit cards, debit cards, automated

Appearing before the House Financial Services Committee yesterday at a hearing entitled “The Annual Report of the Financial Stability Oversight Council”  (FSOC), Treasury Secretary Mnuchin indicated that he intends to discuss the CFPB’s handling of its investigation of Equifax’s massive 2017 data breach with the FSOC.

We blogged yesterday about Reuters’ report that

In a scathing report released today, the U.S. Department of the Treasury concludes that the CFPB’s final arbitration rule “failed to meaningfully evaluate whether prohibiting mandatory arbitration clauses in consumer financial contracts would serve either consumer protection or the public interest — its two statutory mandates.”  Moreover, according to the report, the arbitration rule will

The U.S. Treasury Department recently issued a report titled “A Financial System That Creates Economic Opportunities-Banks and Credit Unions.”  In addition to recommended changes for the CFPB, the report devotes substantial attention to the residential mortgage industry.

The report cites the size of the housing market, contributing approximately 18% to U.S. GDP,

The report issued earlier this week by the U.S. Treasury Department to President Trump in response to his February 2017 Executive Order 13772, “A Financial System That Creates Economic Opportunities-Banks and Credit Unions,” recommends numerous CFPB changes.

Entitled “Core Principles for Regulating the United States Financial System,” the Executive Order was a high-level policy

The CFPB recently joined other federal regulators who have indicated a growing interest in marketplace lending with its announcement that it is accepting consumer complaints about loans obtained through marketplace lenders.  The U.S. Department of the Treasury had previously demonstrated its interest in marketplace lending by issuing a request for information (RFI) in July 2015.

Director Cordray is scheduled to be a panelist at the Financial Inclusion Forum to be held in Washington, D.C. on December 1, 2015.  Hosted by the U.S. Department of the Treasury and the U.S. Agency for International Development, the forum is intended to “explore ways to foster greater access to safe and affordable financial services