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Banks and fintechs should perform ‘trust exercises’ amid OCC scrutiny of BaaS

BankInovation

It may just be that banking-as-a-service (BaaS) providers and fintechs have grown into unique and now mature collaborators that justify updated and revised requirements from regulators. Earlier this month, Acting Comptroller of the Currency Michael J.

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California Dept. of Financial Protection and Innovation announces plans to exercise expanded powers under Consumer Financial Protection Law

CFPB Monitor

In its January 2021 monthly bulletin , the DFPI stated that, with the CCFPL now in effect, the DFPI will begin exercising its “expanded powers to better protect consumers from unlawful, unfair, deceptive, and abusive practices.” In the bulletin, the DFPI outlines its plans to implement the CCFPL and exercise its expanded powers.

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Basking in foreign fintech investment, India exercises its kingmaker role

Payments Source

Last week, Indian regulators ordered an antitrust probe of Walmart and Amazon while Jeff Bezos and other Amazon execs traveled to New Delhi to tout a $1 billion investment to digitize local businesses. The message is U.S. investment is welcome, as long as U.S.-driven driven data mining is kept at bay.

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Bankers identify 2020’s greatest strengths and challenges

Bank Innovation

This exercise helps keep track of past triumphs for further success and turn past deficiencies into future victories. To understand where bankers feel their strengths lie heading into the new decade — and where they need to improve — CSI, a leading provider of fintech solutions, polled […].

Exercises 221
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Bump On The Road To National FinTech Charters?

PYMNTS

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. In the U.K.,

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Why banks are rewarding customers for exercising

American Banker

Discovery Bank in South Africa and other overseas financial companies say healthier customers are more profitable. They are giving reward points, gym subsidies and even free Apple Watches to those who meet fitness goals.

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Today In Payments Around The World: Visa Debuts Europe FinTech Partnership Program; Payments Canada Teams With Mastercard’s Vocalink 

PYMNTS

Visa Unveils FinTech Partnership Program In Europe. FinTech Partner Connect will “support new ways for businesses and consumers to seamlessly and securely pay, get paid, send money and more,” according to a representative for the company in an email announcing the effort. Plus, Railsbank has closed a $37 million funding deal.

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