U.S. Treasury Recommends National Data Breach Standard

The U.S. Treasury recently released a report identifying improvements that would support nonbank financial institutions but also embrace innovation and technology.  Among other things, the report recommends the creation of a national data breach notification standard and the development of effective national and international Fintech policies, including Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) efforts.

In addition to the aforementioned, the report outlines roughly 80 suggestions meant to:

• “Embrace the efficient and responsible use of consumer financial data and competitive technologies;
• Streamline the regulatory environment to foster innovation and avoid fragmentation;
• Modernize regulations for an array of financial products and activities; and
• Facilitate ‘regulatory sandboxes’ to promote innovation.”

A copy of the report can be found here.