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

CFPB Monitor

The CCFPL gives the California Department of Financial Protection and Innovation (DFPI) (the new name given to the state’s Department of Business Oversight) broad jurisdiction and sweeping new authorities that closely resemble those of the CFPB. The California Consumer Financial Protection Law (CCFPL) became effective on January 1, 2021.

Exercises 127
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Use This Framework for Better Bank Innovation

South State Correspondent

Every bank wants to be “innovative,” but the truth is innovation is difficult. Add to that a bank’s resource constraints, compliance demands, budget goals, legacy IT infrastructure and talent gaps, and innovation for a bank is extremely difficult. The Problem of Bank Innovation. Framing Innovation.

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APIs Raising Tough Questions About FinServ Innovation, Competition And Data Privacy

PYMNTS

The B2B payments industry is finally beginning to hustle when it comes to technological innovation. And as traditional financial institutions (FI) begin to recognize the value of collaborating with FinTechs, these banks can similarly shake their reputation for being innovation laggards and promote B2B payments progress while they’re at it. .

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Robert Fisher: The nimbleness of community bankers

Independent Banker

Let’s exercise our nimble natures to exceed customer expectations. For example, fintech partnerships may allow us to offer services in ways we’ve not considered previously. Mergers and acquisitions in our markets may lead to opportunities to draw in new customers. Photo by Heather Esposito. Where did we meet our budget?

Community 171
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CFPB Director Richard Cordray Shares Bureau’s FinTech Vision

PYMNTS

On Monday (March 6), CFPB Director Richard Cordray presented at the LendIt USA Conference, providing attendees with an overview of where the bureau stands on FinTech innovation. We are learning about what does and does not work for consumers and the potential challenges facing entrepreneurs and investors,” Cordray said.

Fintech 123
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Digital IDs Help Open Banking Reach Its Fullest Potential

PYMNTS

As financial institutions (FIs) work with FinTechs, they need to know that these tech-nimble startups are not only enabling access to customers’ account data but also in a manner that embraces KYC and AML. The end goal: to speed innovation toward new products and services while keeping fraudsters out. Regulation Vs. Market Forces.

Data 272
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APIs Raising Tough Questions About FinServ Innovation, Competition And Data Privacy

PYMNTS

The B2B payments industry is finally beginning to hustle when it comes to technological innovation. And as traditional financial institutions (FI) begin to view the value of collaborating with FinTechs, these banks can similarly shake their reputation for being innovation laggards and promote B2B payments progress while they’re at it. .