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. India Fintech Amazon Digital payments Retailers Walmart Fintech regulations Jeff Bezos

Note to Regulators: Exercising Fiduciary Responsibility is Not a Community Bank Board Problem – But You Might Make It One!

Finer Points

As community bankers we have a fiduciary responsibility to our customers and communities as well as our shareholders. While it may not always be an explicit legal duty, it’s inherent to the community bank relationship business model and serves a key role in our success—after all, community banks only succeed when their customers and communities do the same. That’s […]. Community Banks

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Bank Of England Handing Down Strict Regulations For Libra


Regulations include transparency that shows economic fortitude. The FPC will exercise current authoritative “tools” instead of adopting new rules. Cryptocurrency Bank of England Blockchain Brexit cryptocurrency Libra News regulations U.K.

Big Tech Increasingly In Regulators’ Spotlight — And Crosshairs


It’s been a whirlwind few weeks — OK, make that months — for big tech firms as regulators look ever more closely at business tactics. Regulation Amazon Big Tech European Union Facebook Google News regulation

Flywheel To Shutter Some Cycling Locations


In the latest reported sign that boutique fitness studios are struggling to keep pace with home exercise offerings, Flywheel Sports Inc. The report also noted that Peloton has grown to have over 500,000 subscribers for its exercise products and fitness apps.

Bitcoin, Other Cryptocurrencies Continue Decline Over Regulation Fears


With fresh concerns about government regulation of cryptocurrency surfacing, Bitcoin and other digital tokens continued the recent declines in value, erasing $550 billion in value for the global cryptocurrency market since the start of 2018. Those who engage in semantic gymnastics or elaborate re-structuring exercises in an effort to avoid having a coin be a security are squarely in the crosshairs of our enforcement provision.”.

Maxine Waters Says Regulators Should Consider Shutting Down Wells Fargo


Maxine Waters, the top Democrat on the House Financial Services Committee, issued a report last week suggesting that regulators might want to consider shutting down the scandal-ridden Wells Fargo. According to CNN Money , the 38-page report also slammed regulators for failing to punish the bank more severely for its recent scandals, which include opening as many as 3.5 Bank Regulation bank regulation Banking Charter scandals Wells Fago

California AG releases proposed CCPA regulations

CFPB Monitor

The California Attorney General’s Office released its long-awaited proposed CCPA regulations last week.

Dear Mr./Ms. Bank Regulator

Jeff For Banks

My firm will occasionally provide feedback on correspondence to our clients'' regulators. I thought about what we should have said to the regulator, versus the sweet words I was encouraging our client to use. Below is a sample letter to your regulator, saying it like you mean it. Aside from the clear lack of analytic rigor you exercised to come to this conclusion, it is important to remind you that estimating future negative events that impact our capital is guesswork.

Malta: The world’s first blockchain-regulated country; The Liechtenstein Blockchain Act; Gas prices crippling Ethereum.

Daily Fintech

Decrypted: As countries, regions, even cities are considering regulation for cryptocurrencies, the Maltese Falcon is flying high in the crypto world. This team deals with regulation and innovation in the field of financial technologies.

Are EU fintechs set to face tighter regulation?


In light of the escalating size and importance of the market, one prospect businesses need to be aware of is tighter regulation. The paper includes the results of the first EU-wide “fintech mapping exercise” and the EBA’s proposals for future work in this area.

Can PSD2 Get Past Its GDPR Problem As Deadlines Hit?


From this day forward (March 14), businesses covered by the European Union’s (EU’s) Second Payment Services Directive ( PSD2 ) are supposed to have a testing regime that conforms to the FinTech regulation. Well, for the first part, let’s return to the subject of exercise and building muscle.

Filene’s Stance on Proposed CFPB Small Dollar Lending Regulations


After monitoring the ongoing conversation around the CFPB proposed regulations on Payday lending and other types of high cost installment loans, Filene takes a unanimous stance on the issue: Educate yourself on the proposed regulations, form an opinion, and submit a comment!

Tencent, Other Chinese Tech Firms Called Out For Privacy Violations


A total of 41 apps were found to be not in compliance of user data rules, according to regulators, and violations included improperly collecting or using information about visitors to their services. Regulators in those provinces said they’re aiming to get rid of deception and inefficiency.

FTC Looking For Comments On Customer Privacy, Security Amendments


It also shows that, where we have rule-making authority, we will exercise it as necessary to keep up with marketplace trends, and respond to technological developments.”. Regulation Amendments customer data data privacy data security financial institutions FTC News regulations What's Hot

SCA Awareness Issues Persist Among EU Merchants, Consumers


Earlier studies found a surprising lack of both consumer and merchant awareness about the European Union’s Strong Customer Authentication (SCA) and second Payment Services Directive ( PSD2 ) regulations. Regulation Editors' Picks European Union GDPR News Open Banking PSD2 regulation SC

Fintech Shouldn't Have EZ Pass into Banking

American Banker

Regulators and lawmakers must exercise healthy caution before granting fintech firms preemptive powers via national bank charters or otherwise. consumer-finance law-regulation digital-banking nonbank compliance bank-technology

Bump On The Road To National FinTech Charters?


The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA.

Google GDPR Complaint Suggests Personal Data Misuse


A General Data Protection Regulation (GDPR) complaint shows that Google may have misused people’s personal data and categorized them in highly sensitive ways, according to reports. Lack of transparency makes it impossible for users to exercise their rights under GDPR.

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5 takeaways from mid-size stress tests

ABA Community Banking

First “live” DFAST exercise yields mixed results for banks and regulators Management Duties Risk Management Operational Risk. 1Management

EU Antitrust Reg Margrethe Vestager Plans Big Tech Policy Report


Feedback has been collected from companies, experts and business groups that show the need for more regulation, and her report — which is scheduled to be released in March — will reflect that need. I think you need products that will help you exercise your rights. Regulation Amazon Antitrust Apple EU fines Google Margrethe Vestager News regulation What's Hot

The Fast and the Furious

Chris Skinner

Any bank outsourcing such functions opens themselves up to regulatory risk: The requirements are primarily there to ensure that the outsourcing of the regulated activity, service or function does not lead to an outsourcing of responsibility by the entity in question, or pose a barrier to effective supervision of the specific entity by a regulator. Grid RegulationI was having a conversation with a friend about the issues at Monzo this week (among others).

Google Facing Antitrust Fine From EU Over AdSense


I think you need products that will help you exercise your rights. Regulation Antitrust EU European Commission fine Google News regulation What's Hot

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 Breaking SCA’s ‘Chain Of Doubt’


When new regulations take effect, especially sweeping ones that impact eCommerce, at least some firms take a “wait-and-see” approach. Authentication ecommerce Featured News GDPR News Open Banking Privacy Regulations PSD2 SCA Whitepages ProCall it the chain of doubt.

3 Blind Spots Your Bank Board Can Protect Management From

Banker to Banker

For years, regulators have talked about enterprise risk management (“ERM”). While there has not been clear guidance in this area, one area where boards can exercise credible challenge is on the subject of strategic direction and assessing management bias

Deep Dive: Making Smarter Payments Safer


In this month’s Deep Dive, PYMNTS examines how data can improve customers’ experiences, and how regulations can keep their data safe. Regulators across markets realize the data risks that consumers face, and rules and regulations are in place to ensure that data is handled sensitively.

Virgin Money Buyout By CYBG Receives All-Clear


Financial Conduct Authority (FCA) and the Prudential Regulation Authority, as well as shareholders’ votes in favor of the deal. B2B Payments Acquisition B2B banking banking regulation FCA M&A merger News small business banking SMB banking U.K.

Vantage Point

Independent Banker

It’s a question regulators are asking more often these days. Too many community banks approach compliance as a check-box exercise. General Industry Insight Regulation & Compliance Vantage Point Viewpoints Corporate Capability.

APIs will buoy UK account switching figures


New European regulation is set to give third parties access to banks’ customer data, perhaps finally creating a reason for consumers to exercise their account-switching powers in the UK. Banking Fintech Payments APIs data PSD2 regulation Samuel Murrant

Banking Third Party Risk Management Requirements are a Big and Expensive Ask

Celent Banking

Institutions are paying three times as much as their third party to complete on this exercise. But continuing to operate without a strategic third party risk management practice will leave your institution in the hands of cyber fate and the regulators.

NY Wants Servicers To Document Oversight of Third-Parties

New York's State of Mind

Mortgage servicers will have to exercise more oversight over third-party providers if New York finalizes regulations proposed by the Department of Financial Services. Good morning folks. On May 1st, the Department proposed amending 3 NYCRR 419 to create a new §419.11. This section mandates that mortgage servicers “adopt and maintain policies and procedures to oversee […]. Mortgage Lending Regulatory Section 419

Five federal regulators issue statement clarifying role of supervisory guidance; Ballard Spahr to discuss interagency statement in Oct. 10 webinar on CFPB’s Summer 2018 Supervisory Highlights

CFPB Monitor

The Interagency Statement begins by clarifying the agencies’ position as to the difference between supervisory guidance and laws or regulations and provides: “Unlike a law or regulation, supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervisory guidance.”

GDPR & PSD2: A Silver Lining For Fraudsters?


The deadlines for compliance with new European data regulations are right around the corner, and the impact of these changes won’t be limited to the European Union. The General Data Protection Regulation (GDPR) goes into effect on May 25 of this year. So what should merchants, issuers, data controllers and processors be doing in the days and months before the new regulations go live?

Fed to Add Comment Feature to Final Countercyclical Rule

American Banker

In response to industry comments, the Federal Reserve said it would follow notice-and-comment procedures when exercising its countercyclical capital buffer authorities – a process whereby the biggest banks would hold an additional capital cushion to counteract overheated markets.

How Open Banking Will Test Banks’ Data Security Strategies


Whether driven by regulation or market competition, the financial services sector in several jurisdictions is progressing toward open banking, interconnectivity and a freer flow of data between customer accounts and third parties. With consumers now exercising their ownership and control of data, more information is being shared between banks and FinTech apps.

Supervisory Perspective

Independent Banker

“I know that unnecessary regulation saps the strength of community banks.” Federal banking regulators are always alert to emerging safety and soundness issues. It’s important to recognize that all regulation, by its nature, carries burden.

China’s Tencent Is Researching Potential Company Cryptocurrency


A total of 41 apps were found to be not in compliance of user data rules, according to regulators, and violations included improperly collecting or using information about visitors to their services.

GDPR Sparks Consumer Inquiries To Businesses


Reports are surfacing that, since the European Union’s General Data Protection Regulation took effect on May 25, customers exercising their rights under the law are contacting companies with questions about how their online data is being handled, and to request copies of that data. The language is open to interpretation, giving regulators an opening to request exemptions. Legal consumer data data privacy EU Facebook GDPR News online privacy regulation

Equifax Nears $700M Settlement For Data Breach


and state regulators, although the dollar amount could change depending on how many people file claims, the WSJ article said. The Justice Department discovered that Ying knew about the data breach before it was public and exercised all of his stock options.

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UK Government Urged To Break Up Financial Reporting Council


government heard calls this week to break up its Financial Reporting Council (FRC), separating the body’s audit watchdog and corporate governance roles into two regulators, reports in City A.M. MPs accused KPMG of “failing to exercise professional skepticism,” and the ordeal has amplified calls to break up the nation’s Big Four auditors, which, along with KPMG, include PwC, EY and Deloitte. The U.K.

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The Beginning Of The End For Bitcoin?


If that uncertainty isn’t loosening hodlers’ hodl, it seems unlikely that bad press, bitcoin ICO bans and regulation in China, derision from JPMorgan CEO Jamie Dimon or prophecies of a bursting bubble will do it either. Last week, Chinese regulators went one step further and banned ICOs. Even they are exercising caution, however, capping bitcoin payments at $261 USD (at least for now).

The cyber security threat landscape in financial services

Insights on Business

He outlined four key steps to effective implementation: Exercise and test your strategy and plan. It takes a long time to produce a proper exercise. ” Meshell wrapped up the presentation saying, “Every six weeks there is an IBM cybersecurity response exercise for senior executives to drive awareness. If you are a regulated industry, you have a fiduciary responsible to protect your customer data.”.

Is The GDPR Coming To The US?


If so, some European regulators might like what’s going on with California in regards to digital privacy. The act “brings GDPR [General Data Protection Regulation] to the U.S.,” However, observers anticipate that regulations similar to the GDPR would gain interest in other parts of the world as consumers become more concerned about the privacy and security of the data they share online. Imitation is the sincerest form of flattery, right?

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