The Treasury’s recommendations fall into four categories:
Adapting regulatory approaches to changes in the aggregation, sharing, and use of con- sumer financial data, and to support the development of key competitive technologies;
Aligning the regulatory framework to combat unnecessary regulatory fragmentation, and account for new business models enabled by financial technologies;
Updating activity-specific regulations across a range of products and services offered by nonbank financial institutions, many of which have become outdated in light of techno- logical advances; and
Advocating an approach to regulation that enables responsible experimentation in the financial sector, improves regulatory agility, and advances American interests abroad.