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FDIC settles Operation Choke Point lawsuit

CFPB Monitor

The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal enforcement initiative involving the FDIC, OCC and other federal agencies. In July 2017, the D.C.

FDIC 112
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Wirecard Linked To Mafia Money Laundering

PYMNTS

Scandal-plagued German FinTech pioneer Wirecard counted among its payments processing clients an online casino that laundered money for an arm of “one of Europe’s most dangerous mafia organizations,” the Financial Times reported on Monday (August 3). ‘Ndrangheta operates from the Calabria region in Southern Italy.

Regional 362
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Domino’s Supreme Court Decision Spotlights Online Web Accessibility

PYMNTS

The Supreme Court’s order, according to reports , essentially opens the door to other such lawsuits – and could serve to increase the pressure on eCommerce operators to make their online and mobile stores accessible to consumers with disabilities. That’s a 181 percent increase over 2017. Domino’s Innovations.

Online 138
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MercadoLibre Granted License From Brazil's Central Bank

PYMNTS

After gaining a new license to operate as a financial institution in Latin America's largest economy of Brazil, MercadoLibre will work on expanding its portfolio of credit offerings, a report from BNAmericas says. MercadoLibre's credit arm MercadoCredito was formed in 2017 in Brazil, and has been tied to mobile wallet service MercadoPago.

America 156
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SMB Underwriting Slowed As Demand Fell Off At The End Of 2017

PYMNTS

Small businesses (SMBs) seeking loans decreased at the end of 2017, and companies felt the sting of financial challenges more acutely. That finding comes care of data gathered by 12 regional Federal Reserve banks in a survey conducted over the third and fourth quarter of 2017.

Lending 115
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Why P2P Could Soon Play A Leading Role In Middle East FinTech

PYMNTS

When it comes to lending — to say nothing of the wider world of payments — innovation and disruption have been on the rise in recent years thanks to digital and mobile technology, along with online marketplace models. The world of Islamic finance is growing, and with it, the region’s FinTech strength. That doesn’t mean it’s been easy.

Fintech 144
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UberEats Projects $3B In Revenue Through 2017

PYMNTS

Introduced in 2014 alongside a handful of other experimental services, UberEATS operates worldwide in 29 countries. Like other retail delivery services, UberEATS faces the prospect of low margins and remains unprofitable in most of the regions it services, reports the Financial Times.

Regional 101