CFPB Monitor

MARCH 8, 2019

The proposed amendments to the Safeguards Rule will better align the rule with prevailing cyber security standards, such as the NY DFS cybersecurity regulations and the NIST framework.

Cyber Security 68

Cyber Security Guidelines Security Compliance 68

PYMNTS

JULY 26, 2020

The announcement by the Consumer Financial Protection Bureau ( CFPB ) comes on the heels of a symposium it held in February which included experts from consumer groups, financial technology (FinTech) companies, trade groups, banks and data aggregators.

Data 173

Data Google Fintech Groups 173

CFPB Monitor

DECEMBER 22, 2020

Section 29 of the Federal Deposit Insurance Act and FDIC regulations restrict the acceptance of deposits by IDIs that are less than well capitalized from a “deposit broker.” The term “deposit broker” is defined by Section 29 and the FDIC’s implementing regulations (12 C.F.R. Brokered Deposits. Primary Purpose Exception.

FDIC 78

FDIC Capital National Regulation 78

CFPB Monitor

JUNE 5, 2019

Earlier this year, Wyoming became the second state to create a financial technology (fintech) sandbox by enacting the “ Financial Technology Sandbox Act ” (Sandbox Act). The provisions requiring Wyoming’s Banking Commissioner and Secretary of State to adopt implementing regulations became effective on February 19, 2019.

Wyoming 60

Wyoming Fintech Arizona Financial Technology 60

CFPB Monitor

JULY 18, 2019

It would also empower federal financial regulators to assess fines up to $1 million per day for violations of the statute. The definition of “financial institutions” in the draft bill also includes state-licensed money services businesses. See Section 2(b)(1). See Section 2(f)(8)(P).

Regulation 84

Regulation Technology Company Operations 84

CFPB Monitor

JULY 21, 2022

Currently, and depending on the facts, the BSA often does not apply to payment processors, who often fit into an exemption under the BSA’s definition of a “money services business,” or MSBs, subject to AML requirements. FinCEN, however, does not actually conduct BSA/AML examinations of regulated businesses.

United States 78

United States Taxes Regulation Compliance 78

Insights on Business

JULY 20, 2017

I wasn’t particularly inspired by the Wikipedia definition , so I’ll give you mine. Open banking is a term that is associated with a broad set of initiatives that align to one of these three principles: Banking customers are empowered as the owners of their financial data. . Examples of open banking in practice.

Fintech 181

Fintech Mobile Examples Data 181