article thumbnail

FHFA announces Office of Financial Technology

CFPB Monitor

On July 18, the Federal Housing Finance Agency (“FHFA”) announced the launch of a new Office of Financial Technology with the goal of advancing effective risk management as it evaluates fintech developments in the housing finance space. It also solicits feedback on how to maximize stakeholder engagement.

article thumbnail

Germany’s Central Bank Says Tech Presents Hurdles, Opportunities

PYMNTS

Bundesbank, Germany’s central bank, said increased use of financial technology in the country could present regulators with their biggest hurdle since the financial crisis, according to a report by Bloomberg. “We

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

OCC misstep, generative AI: Top tech news for November 2023

American Banker

Top tech news in November: The Office of the Comptroller of the Currency's appointee to the Office of Financial Technology comes into question, Mint's closure presents opportunities for banks, bank and fintech leaders look towards generative artificial intelligence for innovation and more.

article thumbnail

Joint Guidance Provided to Banks to Manage Risks Associated With Third-Party Relationships

Perficient

However, in what is sure to be a landmark in federal regulation, on June 6, 2023, the primary federal bank regulatory agencies issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies.

article thumbnail

5 ways AI and automation can boost fairness in small business lending

BankInovation

With new research finding racial disparities in small business lending, one fintech is examining how artificial intelligence (AI) and automation can help improve fairness and reduce inefficiency that may be present in traditional lending processes.

Lending 97
article thumbnail

House task force weighs retail cash mandate in the digital age

Payments Source

Payment industry players are expected to present testimony on Capitol Hill before a House financial technology task force on Thursday that’s weighing a bill to prohibit stores from refusing to accept cash.

Retail 82
article thumbnail

Legislators Work On Proposal For Japan To Create Its Own Crypto

PYMNTS

The crypto could be a joint effort between private firms and the government, which would help Japan tap into worldwide shifts in financial technology, as the Parliamentary Vice Minister for Foreign Affairs Norihiro Nakayama told Reuters. The first step would be to look into the idea of issuing a digital yen,” Nakayama said.