Gonzobanker

NOVEMBER 22, 2022

Well, Gonzobankers, the smart, idealist and self-declared revolutionary crypto kids just bought themselves a future of regulation — intricate, overbearing, and frustrating regulation, and regulation that the market will now demand. Welcome to adulthood, y’all. What’s Next? But please, don’t get cocky.

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American Banker

NOVEMBER 15, 2023

At the American Fintech Council's 2024 policy summit, banking-as-a-service was the talk of the town as experts shared how to avoid missteps in the business.

Fintech 89

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PYMNTS

JULY 21, 2020

A panel established to grow the United Kingdom’s (UK) financial technology (FinTech) sector plans a review of the industry to identify opportunities for growth, the government announced Tuesday (July 21). Much is at stake when it comes to the country’s FinTech businesses. The sector has an estimated worth of 7 billion pounds ($8.9

Fintech 174

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Perficient

JUNE 30, 2022

Members of Perficient’s Digital Asset Team have advised followers in multiple online articles about the digital asset revolution and relevant regulations affecting the same in the United States. Highlights From Federal Bank Regulators’ Joint Statement on Cryptocurrency Assets – Perficient Blogs.

cryptocurrency 472

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American Banker

FEBRUARY 12, 2024

Fintechs that "bank" children and teens should collect far less data about their young users, erase it sooner and be more transparent in policies that are often buried, say privacy advocates.

Fintech 87

Fintech Policies Data Compliance 87

CFPB Monitor

SEPTEMBER 8, 2022

Since the beginning of Michael Hsu’s tenure as Acting Comptroller of the Currency, bank/fintech partnerships have been a focus of OCC concern. Mr. Hsu also raised concerns about unknown risks or “nasty surprises” arising out of bank-fintech arrangements.

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PYMNTS

FEBRUARY 15, 2018

Through the Conference of State Bank Supervisors, Georgia, Illinois, Kansas, Massachusetts, Texas, Tennessee and Washington are looking to standardize the ways firms across traditional financial services and FinTech upstarts apply for, and are granted, licenses. That comes as Open Banking bowed in Europe last month.

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BankInovation

OCTOBER 5, 2022

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. Hsu spoke at The Clearing House and Bank Policy Institute’s Annual Conference, outlining the Office of the Comptroller of […].

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PYMNTS

SEPTEMBER 17, 2019

FinTech firms are keeping a pulse on the latest regulations and helping their clients comply with them. The European Union’s General Data Protection Regulation (GDPR), for instance, went into effect last May, and penalties are just starting to be enforced.

Fintech 200

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PYMNTS

MARCH 18, 2020

The Federal Deposit Insurance Corporation ( FDIC ) is setting new regulations for FinTechs and industrial banks that will enhance transparency and establish record-keeping requirements, the agency said on Tuesday (March 17). In 1987, parent banks were allowed to bypass FDIC oversight and regulations. .

FDIC 142

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PYMNTS

SEPTEMBER 2, 2019

The People’s Bank of China (PBoC) is looking toward new technologies to keep a closer eye on the nation’s FinTech , blockchain and digital lending markets. Yet onlookers have noted that PBoC has been working diligently toward its own FinTech growth.

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PYMNTS

AUGUST 3, 2018

Getting bogged down in a maze or taking unnecessary risks — the current climate for FinTech in the United States often leaves players with only those two stark choices, according to Bruce Parker, founder and CEO of Modo , which describes itself as a “cloud-based utility” that enables payment system interoperability. FinTech Improvements.

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Fintech United States Regulation Innovation 115

PYMNTS

OCTOBER 9, 2019

The Bank of England’s (BoE) Financial Policy Committee (FPC) has laid down a set of strict rules that Facebook’s Libra and other cryptocurrencies must follow in order to do business in Britain, Reuters reported on Wednesday (Oct. Regulations include transparency that shows economic fortitude.

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PYMNTS

DECEMBER 8, 2019

Firms like Google, Alibaba and Facebook could be forced to share data with banks and FinTech firms. Banks are required to share customer data with rival FinTech firms, and “this may need to be the case with Big Tech, too,” the FSB said in the report. “Big

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PYMNTS

JANUARY 7, 2019

Government Accountability Office (GAO) said that financial regulators should look more closely at the role of non-bank tech companies in the small business (SMB) lending and consumer lending markets. According to the banks that have linked with FinTech firms, such guidelines would help relationships between the parties.

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PYMNTS

JANUARY 30, 2019

But regulators are now requiring firms to use risk-based policies and procedures to determine a customer’s risk scores and to use risk scores to establish a baseline for transaction and relationship monitoring. With these factors in play, FinTech firms are evolving their offerings to keep up with the new regulatory challenges.

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Fintech Regulation Compliance Policies 185

PYMNTS

JANUARY 16, 2020

In addition, any firms that carry out crypto asset related activity within the scope of the FCA’s regulations must register with the authority before conducting business. but then of course Brexit looms) must begin regulating cryptocurrency assets with the same regulations that govern banks and other financial firms.

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CFPB Monitor

OCTOBER 17, 2019

In this podcast, Paul Watkins, Director of the CFPB’s Office of Innovation, joins us to discuss the CFPB’s final trial disclosures, no-action letter, and FinTech sandbox policies. Click here to listen to the podcast.

Policies 60

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Abrigo

MARCH 11, 2022

Expert insights on 10 regulatory topics that NBFIs should consider this year Review this list of what regulators are looking for in 2022 to help your NBFI pass exams with flying colors. Takeaway 3 NBFIs should review common deficiencies in AML programs that regulators are citing and fix issues before their next audit or exam.

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The Financial Brand

APRIL 28, 2021

The post Big Techs in Finance Will Test Regulation and Policy Levers appeared first on The Financial Brand. Traditional banks feel like new competitors can do as they like but finding regulatory fairness will be harder than many realize.

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CFPB Monitor

OCTOBER 2, 2019

Paul Watkins, Director of the CFPB’s Office of Innovation, joined Ballard Spahr partners Alan Kaplinsky and James Kim yesterday for a discussion of the CFPB’s final innovation policies. Alan leads the firm’s Consumer Financial Services Group and James is a co-leader of the firm’s inter-disciplinary Fintech Team.

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CB Insights

JUNE 29, 2020

Fintech funding stalled amid the Covid-19 pandemic as investors largely pulled back. Free Download: State of Fintech q1’20. Companies braced for the long-term impacts of Covid-19 as Q1’20 was one of the worst quarters in 2 years for VC-backed fintech. What does the fintech funding landscape look like at the moment?

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CFPB Monitor

JANUARY 24, 2022

In its press release , the OCC stated that its approval “brings SoFi, a large fintech, inside the federal bank regulatory perimeter, where it will be subject to comprehensive supervision and the full panoply of bank regulations, including the Community Reinvestment Act. In addition, the parent company of SoFi Bank, N.A.,

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PYMNTS

SEPTEMBER 6, 2018

For FinTech firms, doing the chasing all on their own is a losing proposition. SaaS, the distribution model where providers offer a central location for their customers, can offer FinTech firms a way out of inefficient processes, say some supporters. FinTech firms can browse and research what they need and pick it up on the fly.

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PYMNTS

OCTOBER 21, 2019

The head of the Financial Crimes Enforcement Network (FinCEN) has warned FinTech firms that they must abide by anti-money laundering (AML) laws. The expectation is that you will comply with existing regulation,” said Director Kenneth Blanco at a FinTech event, according to American Banker. We know you can.”.

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Fintech cryptocurrency Policies Regulation 101

PYMNTS

SEPTEMBER 30, 2020

It would instead offer payment companies a national servicing platform to replace the regime of state regulations such firms would be subject to under existing laws. Commercial companies accessing a payments charter would avoid oversight and regulations that protect the financial system and consumers,” the bank industry leaders wrote.

Regulation 349

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CFPB Monitor

MAY 18, 2021

Access to Fed services is sought by fintechs and other non-traditional financial services companies because a Fed account, and direct access to Fed financial services, would dispense with the need for the non-bank to use a traditional bank as an intermediary with the Fed. payments, deposit-taking, and lending).

Fintech 78

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Abrigo

MARCH 7, 2022

Experts weigh in on regulatory hot topics for 2022 Review these 10 insights into what regulators are looking for in 2022 to help your financial institution pass exams with flying colors. Takeaway 1 Regulators have increased their focus on BSA in the first quarter of 2022, and the crisis in Ukraine will put OFAC in the spotlight.

cryptocurrency 195

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PYMNTS

JUNE 18, 2019

Movement to foster collaboration between FinTech firms and traditional financial firms continues to gather steam across the globe, aided by government encouragement and initiatives. FinTech Alliance debuted this week, with a roster that tops 500 members. In one recent example, the U.K. Monzo Across The Pond. In an example of U.K.

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PYMNTS

AUGUST 20, 2018

Three months in, the European Union’s General Data Protection Regulation still stymies some firms seeking to comply with new rules and regulations governing data protection and privacy. FinTech Firms Eye Bank Charters. Against the challenges, many of these companies are indeed shifting resources to grapple with GDPR.

Fintech 101

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American Banker

MARCH 8, 2021

Ten companies this week joined the American Fintech Council, which debuted March 3 after the Marketplace Lending Association and Online Lending Policy Institute combined.

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PYMNTS

MARCH 12, 2019

and Europe is a natural progression from the surge in FinTech solutions offered to consumers, small businesses and enterprises. and Canada, where open banking regulations are not in place, how do financial service providers act on the demand to move data and connect platforms? But in jurisdictions like the U.S. ”

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PYMNTS

SEPTEMBER 29, 2017

Banks are finding it more difficult than ever to ignore potential FinTech partnerships that could better serve their corporate customers. When it comes to corporate treasury, business clients demand robust solutions and services from their banks, and FinTech players are stepping in to help. Staying Updated.

Fintech 141

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Payments Source

DECEMBER 20, 2018

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

FDIC 62

FDIC Regulation Fintech Policies 62

Chris Skinner

JUNE 2, 2017

The race to become Islamic banking’s fintech hub The super-rich are different: they pay less tax. The post Things worth reading: 2nd June 2017 appeared first on Chris Skinner's blog.

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CFPB Monitor

DECEMBER 11, 2018

The BCPF has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCPF Product Sandbox.” Proposed NAL policy revisions. The revisions are intended to address the 2016 policy’s many shortcomings. The proposal would remove such statements.

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CFPB Monitor

AUGUST 15, 2018

Last week the CFPB announced an initiative to create a Global Financial Innovation Network (GFIN) with 11 other financial regulators and related organizations across the globe. Develop a “global sandbox” for business to consumer (B2C) or business to business (B2B) firms to trial and scale new technologies in multiple jurisdictions.

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