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California Legislature Passes AB-1864 Setting the Stage for the “Department of Financial Protection and Innovation” and the California Consumer Financial Protection Law

CFPB Monitor

We previously wrote about California Governor Newsom’s 2020-2021 Budget and an accompanying trailer bill that would rename the Department of Business Oversight (“DBO”) and significantly increase its ability to oversee financial services providers in the state. California Consumer Financial Protection Law. Register here. the “CFPA”).

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Corporate Card Innovators Look Beyond Business Trip Spend

PYMNTS

With corporate travel still on pause, commercial card innovation has taken a different direction. In a recent announcement , the Singapore company revealed its BizPay solution, an online platform enabling businesses to use their existing commercial cards and converting their credit limit into working capital to pay suppliers.

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As SVB tanks, banks look to deposit diversification, data, tech

BankInovation

Silicon Valley Bank was taken over by regulators today following a week of abnormality that included a sale of securities on Wednesday, capital raising efforts on Thursday and a stock plummet of nearly 70% this morning.

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Chinese Officials Join US Politicians In Suddenly Falling Out Of Love With Big Tech 

PYMNTS

Published reports indicate that China’s central bank and banking, securities and foreign-exchange regulators summoned Ant Group executives this past weekend to discuss official concerns about the firm. Reuters quoted central bank Vice Gov. Will Chinese Authorities Force Ant To Restructure? . A Growing Crackdown .

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CFPB Spotlights Director’s Six-Month Mark

PYMNTS

We will continue to look for ways to release innovative financial education tools and partner with public and private sector entities engaged in consumer financial education to maximize the reach of these tools.”. Regulations Abroad.

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Recap of Money 20/20 USA 2023 and 10 Banking Thoughts

South State Correspondent

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. This bill of “personal financial data rights” is similar to the California Privacy Protection Act that is already in force for banks doing business in CA.

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Second Day, Second Wind On Innovation Debates

PYMNTS

But on the second day of Innovation Project 2017, eyes were beyond Beantown and cast toward the world at large. They also face an uncertain future, as regulatory futures remain uncertain and at least one federal regulator seems determined to put them out of the marketplace. It’s a big problem. Pot Shots in Payments.