Washington, D.C., July 31, 2018 - The Institute of International Finance today released the following statement from Senior Director of Digital Finance Regulation and Policy Brad Carr after the U.S. Treasury Department published their report, " Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation."'
"We applaud the Treasury Department for their consideration of the role that financial technology will play in the economy over the coming years. We welcome today's recommendations and are pleased to see the Treasury Department stress the need to enable all firms to innovate in a prudent manner. Outdated regulatory frameworks have constrained innovation across the financial services industry, as customers' expectations and economic needs quickly evolve. We look forward to harmonized principles that promote efficient partnerships and worthwhile innovation. The digitization of the global economy means that policymakers must continually revisit and update guidance for technologies like cloud computing, artificial intelligence, and machine learning - which have the potential to improve the accuracy and efficiency of credit analysis. We look forward to continuing to work with the Treasury Department, and regulators around the world, to ensure today's regulatory frameworks fit today's financial system."
The Institute of International Finance is the global association of the financial industry, with close to 500 members from 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks.'