CFPB Monitor

NOVEMBER 8, 2021

The California Department of Financial Protection and Innovation has published a fourth round of modifications to implement SB 1235 , the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

CA 78

CA Regulation California Compliance 78

PYMNTS

SEPTEMBER 22, 2016

The goal is to keep FinTech companies and innovation stateside. The bill is a direct aim against losing financial innovation to the U.K.’s The U.K’s sandbox program allows firms to test new innovation, products and business ideas through a limited launch, sidestepping the full regulatory process. 22), his second of the summer.

Regulation 100

Regulation Fintech Innovation Bitcoin 100

PYMNTS

MARCH 13, 2020

They carry their payment innovation expectations into the business world. “If If you look at the landscape of business centers across America [and around] the world, you will find that the business lives of many owners are definitely intertwined with [their] personal lives … especially when it is an LLC or something like that,” Daher said.

Millennials 160

Millennials Taxes Innovation Operations 160

PYMNTS

OCTOBER 19, 2016

According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. The updated regulations are slated to take effect Oct.

Regulation 100

Regulation Cards Digital Banking social media 100

PYMNTS

MARCH 19, 2019

In addition, Guo noted that many of the businesses that started as part of Dianrong’s expansion have now become “heavy burdens with unbearable high costs” due to the regulations. We hope regulators can give the industry a clear and definite timetable, and give guidance and a ray of hope for companies that stick to compliance,” Guo said.

Regulation 138

Regulation Regional Lending Compliance 138

Insights on Business

AUGUST 22, 2018

IBM RegTech Innovations. Regulatory change is growing in size and IBM’s innovative end-to-end GRC solution , powered by Watson, is enabling the financial services industry to meet this challenge. An innovative, end-to-end approach. IBM’s innovative technology , powered by Watson, offers that end-to-end approach.

Compliance 79

Compliance Innovation Technology Policies 79

PYMNTS

MAY 9, 2016

Last week, OnDeck, Kabbage and CAN Capital banned together to form the Innovative Lending Platform Association (ILPA), an advocacy group to champion increased transparency for small business borrowers in the alternative and marketplace lending sphere. Is the alternative lending space concerned about incoming regulation? The U.S.

Regulation 100

Regulation Lending Capital Industry 100

PYMNTS

JULY 11, 2017

The basis of innovation is not the desire to create something new or even the inspiration to do so. Innovation occurs where there is a problem and a person with the tools to solve it. Anyone can have a good idea,” Lowthers said; innovation is about what you do with it. PYMNTS: Where do you look for innovative ideas, and why?

Innovation 101

Innovation social media Security Leadership 101

Accenture

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. Both are alumni of our FinTech Innovation Lab. There are hidden costs too.

Compliance 150

Compliance Regulation Innovation Fintech 150

Accenture

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. Both are alumni of our FinTech Innovation Lab. There are hidden costs too.

Compliance 150

Compliance Regulation Innovation Fintech 150

Insights on Business

DECEMBER 12, 2018

Stories of improper conduct, and new regulations on data protection and privacy such as GDPR, continued to dominate the business headlines, moving from water-cooler conversation to “what about us?” Innovating in the open. GRC Coming of Age in 2018. Drive efficiency across risk & compliance processes. Risk-aware decisions.

Innovation 111

Innovation Compliance User Experience Regulation 111

PYMNTS

FEBRUARY 8, 2018

percent of domestic and cross-border payments in December 2017, SWIFT found, with the company’s Head of Payments Markets, Asia-Pacific, Michael Moon noting, “Experts suggest that capital controls and uncertainties over future regulations mean that a significant reversal of the decline in RMB usage for trade and payments is unlikely in 2018.”.

Innovation 111

Innovation Payments blockchain Analysis 111

Abrigo

FEBRUARY 8, 2022

Takeaway 1 NBFIs are agile and innovative and are competing head-to-head with traditional financial institutions. Takeaway 2 NBFIs should ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators. Stay up to date on regulations affecting NBFIs and other BSA trends. DOWNLOAD .

Compliance 195

Compliance Training Regulation Fraud 195

PYMNTS

DECEMBER 23, 2020

The road to mainstream acceptance of cryptocurrencies will still have its bumps, its potential roadblocks set in place from regulators. At the heart of it all might lie a jousting existential in nature — namely, between the companies that create and issue cryptos and the agencies that regulate them.

cryptocurrency 234

cryptocurrency Security Bitcoin Regulation 234

PYMNTS

AUGUST 7, 2020

Growing numbers of FinTechs are also forcing banks to innovate or be left behind. They are definitely more agile. They’re definitely faster. And they have fewer rules and regulations to comply with, which keeps us on our toes.”. So, there’s definitely an opportunity and a threat at the same time.”.

Payments 301

Payments Fintech Innovation US 301

CFPB Monitor

JULY 20, 2022

As discussed in an earlier blog post , the California Department of Financial Protection and Innovation (“DFPI”) issued an Invitation for Comments on the Proposed Second Rulemaking under the Debt Collection Licensing Act (“DCLA”) on August 19, 2021. Code §§ 28100 et seq.). 10 CCR § 1850.2 Code § 100021. 10 CCR § 1850.71

California 141

California Regulation Taxes Report 141

PYMNTS

AUGUST 5, 2019

Thailand ’s anti-money laundering regulator has revealed plans to add cryptocurrency to the country’s laws. Police Maj. We may not find any clue, but that doesn’t mean the wrongdoing does not occur,” he explained, according to CoinDesk. In other news, Mastercard appears to be building its blockchain team with a slew of new hires.

cryptocurrency 108

cryptocurrency Bitcoin blockchain Regulation 108

PYMNTS

APRIL 12, 2017

payments technology firm VocaLink has received approval from regulators, with the deal expected to close in the coming weeks. Mastercard’s proposed acquisition of U.K. As VocaLink looks to soon power a real-time ACH infrastructure in the U.S. — in addition to supporting payment systems in the U.K., So too are cross-border payments, he said.

Regulation 102

Regulation Technology Payments Marketing 102

Abrigo

MARCH 24, 2021

Anti-Money Laundering Act of 2020 BSA professionals should prepare for changes as new regulations and guidance from FinCEN unfold. Takeaway 2 While the AMLA is now law, regulations, guidance, and other information still needs to be written. These include conducting studies, writing regulations, and publishing guidance.

Regulation 195

Regulation Training Study Policies 195

CFPB Monitor

FEBRUARY 2, 2021

Since the California Consumer Financial Protection Law (CCFPL) became effective on January 1, the state’s Department of Financial Protection and Innovation (DFPI) has wasted no time in asserting its expanded jurisdiction over consumer financial services providers. (The

CA 60

CA Company Innovation Regulation 60

CFPB Monitor

MAY 13, 2022

It would also add a definition of on-demand pay arrangements to the IRC. In November 2020, the CFPB issued an advisory opinion (AO) that addressed whether an EWA program with the characteristics set forth in the AO was covered by Regulation Z.

Taxes 78

Taxes California Regulation Exercises 78

CFPB Monitor

FEBRUARY 20, 2019

The Advisory Panel was formed in 2017 to identify actionable steps for improving state licensing, regulation, and non-depository supervision and for supporting innovation in financial services. It has 33 fintech company members that engage with the CSBS Emerging Payments and Innovation Task Force and other state regulators.

Fintech 68

Fintech Conference Survey Regulation 68

PYMNTS

JANUARY 7, 2020

As reported by the Gulf Times , the Qatar Central Bank adopted new regulations in December that focus on combating money laundering and terrorist financing. The new ban states virtual asset services include the exchange or transfer of virtual assets, or the exchange between virtual assets and fiat currencies.

cryptocurrency 132

cryptocurrency Bitcoin blockchain Course 132

PYMNTS

SEPTEMBER 25, 2018

The report noted that there is no internationally agreed-upon definition of what that activity might be, but for the confines of the report, it includes “all credit activity facilitated by electronic [online] platforms that are not operated by commercial banks.” China was the largest market, yet volume has declined in recent periods.

Fintech 172

Fintech Lending United States Regulation 172

ZootBlog

JANUARY 14, 2016

Over the past several years as banks focused on staying in compliance with myriad new regulations, innovation slowed—nearly to a standstill. In 2016 equilibrium will start to take place as the financial industry embraces the tremendous potential technology holds for them and innovation finds its way back.

Innovation 73

Innovation Industry blockchain Customer Experience 73

CFPB Monitor

AUGUST 9, 2021

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into “a landmark agreement” with Meratas, Inc., We are continuing to monitor how the DFPI uses its CCFPL authority to regulate ISA originators and other financial services providers.

California 78

California Management CA Regulation 78

PYMNTS

MAY 7, 2020

This definitely would be extremely good and also extremely safe for U.S. Companies like Unibet must also be aware of changing regulations regarding online betting that can limit how fast and how far firms can innovate. Regulatory Hurdles Trip Up Disbursement Innovation. in the next year. There is no mechanism [in the U.S.]

Online 142

Online New Jersey Pennsylvania Regulation 142

PYMNTS

SEPTEMBER 20, 2018

The financial services (FinServ) market is, by far, ahead of other industries when it comes to blockchain innovation and adoption, according to data released this year by PricewaterhouseCoopers (PwC). Asia is a particularly strong area of blockchain innovation, according to PwC, which predicted in its report that China will outpace the U.S.

blockchain 188

blockchain Innovation Tools Survey 188

PYMNTS

OCTOBER 23, 2018

Open Banking regulations have gotten FinTech innovators’ brains churning over how to take advantage of the troves of data that traditional banks have typically kept locked away. With regulations like PSD2 and Open Banking emerging as ways to boost financial services competition, the bank-FinTech relationship has taken center stage.

Data 177

Data System Regulation Security 177

CFPB Monitor

FEBRUARY 22, 2016

The CFPB has issued a final policy statement on issuing “no-action” letters (NAL) for innovative financial products or services. The policy is part of “Project Catalyst,” the CFPB’s initiative launched in November 2012 for facilitating innovation in consumer-friendly financial products and services.

Policies 60

Policies Innovation Regulation Resources 60

PYMNTS

DECEMBER 27, 2018

Brought together, FIs and FinTech firms can help one another by working together to develop innovative products that can cement relationships with firms’ end customers, both corporate and individual. The key to successful product development lies in the definition of the market problem.

Fintech 184

Fintech How To Regulation Payments 184

PYMNTS

SEPTEMBER 20, 2018

Regulations are driving the trucking and logistics industry to adopt cutting-edge technologies. It’s another example of trucking and logistics regulation affecting accounts receivable and payable operations in the sector. “There’s definitely a market out there.

Industry 158

Industry Tools Regulation Management 158

PYMNTS

JUNE 18, 2019

The company wants to continue to innovate payments solutions using ID and digital money technology. By solving the infrastructure problem, Token enables them to focus on service innovation and delivery earlier than the competition.”. Older investors like EQT Ventures and Octopus Ventures also took part in the investment.

Leadership 161

Leadership Customer Experience Innovation Capital 161

PYMNTS

JULY 27, 2020

That a market is massive and emerging as a target for digitization, does not necessary mean it will be an easy target to pursue — a lesson learned the hard way by Facebook in June when regulators hit the pause button on its adding payment capabilities to WhatsApp in Brazil. This is definitely happening.

Mobile 153

Mobile America Regulation Regional 153

PYMNTS

FEBRUARY 21, 2018

Singapore stepped onto the global stage as a world leader in blockchain innovation in recent months. Financial regulators may want to begin looking at not only regulating blockchain, but how blockchain can help in their own regulatory efforts — in this case, to ensure proper safeguards and controls in the banking sector.

blockchain 130

blockchain Los Angeles Regulation Oregon 130

PYMNTS

SEPTEMBER 29, 2017

As banks look to pair with FinTechs to meet the treasury needs of their corporate customers, they’re also looking towards such innovators to integrate some of those same solutions in-house. Managing liquidity and credit risk are definitely of main concern to FIs. Staying Updated.

Fintech 141

Fintech Risk Management Compliance Management 141

PYMNTS

JUNE 23, 2016

Consumer-facing drones definitely had their moment in 2015 with a crush of them appearing in the sky flowing by hobbyists’ hands. However, commercial operators have largely been stymied by the lack of regulations governing who can and can’t fly – and what they can and can’t deliver by drones as well.

Regulation 102

Regulation Operations Policies Innovation 102