Fintech report coming out ‘shortly,’ Mnuchin tells panel

A U.S. Treasury report on financial technology – “fintech” – should be coming out “shortly,” Secretary Steven Mnuchin told a House panel Thursday.

Treasury Secretary Steven Mnuchin testifies July 12 before the House Financial Services Committee

Responding to questions from the House Financial Services Committee during the annual testimony of the Treasury Secretary on the state of the international financial system, Mnuchin said he has seen a draft of the long-awaited study, which is still undergoing review. The study was mandated by President Donald Trump’s Feb. 3 executive order calling for a comprehensive review of financial regulations.

He offered no other details, except with the regard to timing of the report’s release and its review.

Reuters reported late last month that the fintech report will make “wide-ranging recommendations” about how to modernize regulation at the federal and state levels to promote innovation in financial services.

Treasury Department, regulatory reform web pages