Now’s the time for national EWA legislation
Payments Dive
OCTOBER 11, 2023
“Instead of state-by-state regulation, federal government guidance must be updated and clarified,” authors of a recent working paper on earned wage access write.
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Payments Dive
OCTOBER 11, 2023
“Instead of state-by-state regulation, federal government guidance must be updated and clarified,” authors of a recent working paper on earned wage access write.
Perficient
MAY 27, 2022
For those wanting to start their own cryptocurrency fund, it’s important to be well informed about cryptocurrency regulations. Regulatory cryptocurrency regulations are most fluid at the state level. State Regulations. SEC Regulation. Central Bank Digital Currency (CBDC) ).
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Chris Skinner
NOVEMBER 3, 2017
I was thinking about this question of how to regulate global technology platforms that don’t recognise national boundaries, mainly in the context of crypto and digital currencies. How can you regulate a global currency that has no view of state or national laws?
Perficient
DECEMBER 3, 2021
The Office of the Comptroller of the Currency (“OCC”) issued a letter (1179) that national banks and federal savings associations must demonstrate that they have adequate controls in place before they can engage in cryptocurrency, distributed ledger, and stablecoin activities.
PYMNTS
SEPTEMBER 13, 2020
Europe's biggest banks have called on the European Commission to implement tough regulations for cryptocurrencies, such as stablecoins, that would protect consumers and preserve state sovereignty in monetary policy, Reuters reported. In a joint statement Friday (Sept. In a joint statement Friday (Sept.
PYMNTS
JANUARY 1, 2021
If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.
PYMNTS
NOVEMBER 13, 2020
As government regulators in China increase tech industry oversight, Tencent said it will comply with new laws intended to curb antitrust activities and tighten FinTech acceleration, according to a Bloomberg report on Friday (Nov. The regulators are looking more closely at transaction-based platforms, Lau said, per Bloomberg.
Payments Dive
JANUARY 12, 2024
State lawmakers and regulators are out-running their national peers in giving direction to the fast-evolving payments industry.
PYMNTS
NOVEMBER 6, 2020
has sought a national bank charter from the Office of the Controller of the Currency (OCC), which will let it meet “promises of efficiency, affordability and financial inclusion,” according to a Friday (Nov. Financial services firm Figure Technologies, Inc. 6) announcement.
Payments Dive
OCTOBER 16, 2023
In a recent web post, the National Consumer Law Center issued a number of policy recommendations for states seeking to regulate earned wage access companies.
Bank Innovation
OCTOBER 17, 2017
EXCLUSIVE — Spanish banks, along with certain Spanish telecommunication companies, have come together to establish a national network based on blockchain. The consortium is called Alastria.
CFPB Monitor
JUNE 25, 2020
The OCC has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comments in connection with a comprehensive review of its regulations on electronic activities of national banks ( 12 CFR part 7, subpart E ) and federal savings associations ( 12 CFR part 155 ). Comments on the ANPR must be received by August 3, 2020.
PYMNTS
JANUARY 18, 2022
18) that it plans to regulate cryptocurrency advertising like other financial products and ensure that promotions are “fair, clear and not misleading,” according to a Bloomberg report. 17), Spain’s market regulator enhanced controls on crypto-related ads, saying they must include a warning that investors risk losing all their money.
PYMNTS
NOVEMBER 23, 2020
As for easing the path toward financial innovation, there’d always been some consideration of seeking a national banking charter, noted Cagney, especially as the company began building blockchain and blockchain applications over the past few years. “As But a national charter would allow for a uniformity of presence and market scope.
PYMNTS
JULY 31, 2020
On Friday (July 31), the Office of the Comptroller of the Currency (OCC) announced Varo Bank has been granted its full-service national bank charter. Department of the Treasury that charters and regulates financial institutions. Varo is the first consumer FinTech to receive a new national bank charter from the U.S.
CFPB Monitor
JUNE 1, 2023
We are pleased to report that Ballard Spahr’s Consumer Financial Services Group has once again received the highest national ranking from Chambers USA: America’s Leading Lawyers for Business. The Group was ranked in the highest tier nationally in the Compliance category of Financial Services Regulation: Consumer Finance.
CFPB Monitor
MAY 24, 2021
We are pleased to announce that Ballard Spahr’s Consumer Financial Services Group has once again received the highest national ranking from Chambers USA: America’s Leading Lawyers for Business. This year, Chambers USA added Enforcement & Investigations as a new category for Financial Services Regulation: Consumer Finance.
PYMNTS
JANUARY 21, 2019
21) by a French regulator, in what the Wall Street Journal reported is the largest penalty under the new European General Data Protection Regulation (GDPR) privacy law. It’s also one of the highest-profile regulator actions coming from GDPR which went into effect last year.
Perficient
APRIL 2, 2021
The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. Office of the Comptroller of the Currency (OCC). Cybersecurity.
PYMNTS
JANUARY 7, 2019
In Ireland, reported CryptoGlobe , the Irish cabinet has approved legislation that will bring more regulation to the sector. Separately, in India, the action toward crypto regulation seems to be … inaction. The site noted that the new rules still await passage by the country’s legislative body.
PYMNTS
JULY 17, 2020
Chinese regulators have seized control of nine financial institutions (FIs) alleging they violated rules and jeopardized the country’s financial system. Only through a regulator takeover can the problems be forcibly dealt with through administrative measures.”. The regulators insist the takeovers will ensure stability of the firms.
PYMNTS
DECEMBER 23, 2019
The same framework should be in place to improve technology used by regulators in efforts to strengthen supervision throughout the industry, the think tank also says. The risk and safety lines with AI in China in the finance sector appear to be blurring.
The Paypers
FEBRUARY 6, 2024
The US bank regulator OCC has imposed a USD 65 million fine on RBC ’s American unit, the City National Bank , over its risk management and internal controls.
PYMNTS
JULY 16, 2019
Treasury Secretary Steven Mnuchin believes that Facebook’s proposed cryptocurrency could pose as a national security threat. In a press conference on Monday (July 15), Mnuchin warned that Libra “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.”.
PYMNTS
SEPTEMBER 13, 2019
To enable continued innovation and growth in the digital economy, the Business Roundtable is asking Congress to pass a comprehensive consumer data privacy law that establishes a national privacy framework and strengthens protections for consumers. to come up with a national privacy law had hit a wall. companies.
PYMNTS
NOVEMBER 9, 2020
Regulation. EU Gears Up To Propose New Big Tech Regulations. Australian Regulator Looks Into Merger Law Changes. The regulation enables authorities in Turkey to take content off of platforms instead of restricting access as they had done previously. Facebook’s WhatsApp To Grow Payments Service Following NPCI Go-Ahead.
Accenture
JUNE 22, 2022
They’ll soon have to comply with sweeping sustainability rules drafted by national governments and financial services regulators. Banks in Europe need to prepare for the biggest set of regulatory changes since the aftermath of the 2008 global financial crisis.
PYMNTS
MAY 6, 2019
The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. The national licenses would let FinTechs lend money and paychecks to consumers.
CFPB Monitor
JANUARY 24, 2022
SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah. The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country.
PYMNTS
OCTOBER 7, 2019
Merchants in the European Union (EU) are still wondering exactly what changes the regulation will bring when it comes to their relationships with customers. It is still a matter of debate on what exemptions, innovations and changes can be left up to national authorities — and what cannot. Around the PSD2 and GDPR world.
PYMNTS
OCTOBER 16, 2020
The banks have been asked to perform [a] national service,” CreditSights Research Analyst Jason Tan told Squawk Box Asia on (Aug. Furthermore, the Beijing government has requested that banks forfeit 1.5 trillion yuan ($219 billion) in profit by cutting lending rates and deferring loan repayments in an effort to assist firms.
PYMNTS
DECEMBER 13, 2019
With claims that the company aimed to coerce music venues into using its Ticketmaster subsidiary, the Justice Department is reportedly gearing up to take legal action against Live Nation Entertainment, Inc. The merger between Ticketmaster and Live Nation brought together two of the music industry’s most formidable forces.
PYMNTS
DECEMBER 13, 2019
With claims that the company aimed to coerce music venues into using its Ticketmaster subsidiary, the Justice Department is reportedly gearing up to take legal action against Live Nation Entertainment, Inc. The merger between Ticketmaster and Live Nation brought together two of the music industry’s most formidable forces.
PYMNTS
OCTOBER 9, 2018
However, Dave Gilbert, founder and chief executive officer of SMB alternative lending firm National Funding , said he’s seen a trend of growing traction within the small business community. In its report, S&P found nearly 50 percent of SMB borrowers are too unfamiliar with digital lenders to use alternative finance. In the U.S.,
PYMNTS
NOVEMBER 16, 2018
The shift could possibly cause payments to move underground and particularly impact nations that are dependent on remittances, Reuters reported. But the checks by banks help to quell these kinds of violations, so the situation has caused frustration for regulators. 16) that the practice still fell in popularity in 2017.
PYMNTS
MAY 20, 2020
European Union (EU) regulators want feedback from users and digital service providers before they craft new rules that could manage giant tech firms Google, Facebook, Amazon and Uber, Reuters reported. Facebook Founder and CEO Mark Zuckerberg published “Charting the Way Forward: Online Content Regulation.”
PYMNTS
SEPTEMBER 12, 2019
There are many forms of nationalism. Ethnic nationalism. Cultural nationalism. Now comes cryptocurrency nationalism? Coindesk reported this week that, in the Netherlands, cryptocurrency firms based outside of Europe may “get the boot” amid new regulations.
Bank Innovation
JULY 25, 2017
Want a national bank that’s mobile-only? So does Varo Money. Varo applied for a banking charter from the Federal Deposit Insurance Corporation (FDIC), as well as for a charter from the Office of the Comptroller of the Currenc, in the hopes of forming “Varo Bank,” the mobile banking startup announced today.
PYMNTS
DECEMBER 18, 2019
The United Kingdom will create a technology regulator next year after Brexit is completed, according to a report by the Financial Times. There is an emerging international consensus around the scope of new regulation. Members of BEIS have been meeting with lawyers and different academics to determine how the regulator will operate.
PYMNTS
JUNE 17, 2019
regulators are saying cyberattacks pose the greatest risk to U.S. banks in upcoming years, but the regulation and testing processes are convoluted and complicated for institutions in both spaces to assess, according to a report by the Financial Times. Right now, different regulators look at different pieces of the same bank.
PYMNTS
JULY 22, 2020
The governmental body said that thrifts, along with state and national banks, have a lengthy history of offering custody and safekeeping for digital assets as well as tangible property. The governmental ministry is said to put the code before the National Assembly for the go-ahead prior to Sept. 1 of next year.
CFPB Monitor
MAY 25, 2023
Consumer Financial Protection Bureau , an industry group composed of the Mortgage Bankers Association (MBA), National Association of Home Builders (NAHB), and National Association of REALTORS® (NAR) has filed a brief as amici curiae cautioning the Supreme Court against a ruling that could call into question all of the CFPB’s regulations.
PYMNTS
SEPTEMBER 12, 2018
that are more modern, but urged lawmakers to approach the issue nationally. According to a report in Reuters , citing The Internet Association, the trade group wants the rules to preempt a new regulation on the books in California that comes into effect in 2020. 11) that it supports data privacy rules in the U.S.
PYMNTS
SEPTEMBER 30, 2020
Consumers and businesses have been moving online in recent years, and regulators from the European Union to the Middle East and North Africa (MENA) region have worked to keep up with this migration. The pandemic is dramatically altering how merchants can transact, which data they can store and where they can store it, however.
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