New Facial Recognition Policy Signed Into Law In Washington State

PYMNTS

Washington State Governor Jay Inslee signed a bill on Tuesday (March 31) establishing specific rules – backed by Microsoft – governing facial recognition software, according to a blog by Bill Smith, president of Microsoft. Washington’s new law aims to institute transparency and accountability for facial recognition , as well as mandates to safeguard basic civil liberties. Washington is the first state to pass legislation to allow facial recognition, but with constraints.

Proposed Laws Could Make Washington Leader In AI Regulation

PYMNTS

With an array of bills brought forward by lawmakers during this legislative session, Washington state could become a leader in artificial intelligence regulation. Washington Sen. Another bill is related to AI-enabled profiling, to make sure that machines can’t make decision that could have real-life impacts on residents on Washington. . Artificial Intelligence artificial intelligence Legislation News regulation Washington State What's Hot

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Proposed Bills Could Make Washington An AI Reg Leader

PYMNTS

With an array of bills brought forward by lawmakers during this legislative session, Washington state could become a leader in artificial intelligence regulation. Washington Sen. Another bill is related to AI-enabled profiling, to make sure that machines can’t make decision that could have real-life impacts on residents on Washington. . Artificial Intelligence artificial intelligence Legislation News regulation Washington State What's Hot

Washington Watch

Independent Banker

Needless to say, the advocacy process with the CFPB has moved at the speed of Washington. Just as this victory serves as a reward for the hard work of our association and industry, it is also a reminder that effective advocacy in Washington is performed over years. Furthermore, it demonstrates the resonance of the community bank voice in Washington. Advocacy & Policy Industry Insight Regulation / Compliance Viewpoints Washington Watch Years in the Making.

Washington Watch

Independent Banker

Advocacy Advocacy & Policy Commercial/Business Consumer General Industry Insight Lending Membership Regulation & Compliance Regulation / Compliance Viewpoints Washington WatchDisparate Opinions. Supreme Court upholds disparate impact theory of anti-discrimination law. By Lilly Thomas. While the U.S.

Robinhood is back in Washington’s crosshairs after leverage glitch

Bank Innovation

is once again getting unwanted scrutiny in Washington after some of the brokerage’s customers took advantage of a flaw that allowed them to make highly leveraged trades without putting down enough cash to back the transactions. Robinhood Markets Inc. The glitch, labeled the “infinite money cheat code” by Reddit Inc. users, was exploited by about […]. Bloomberg Carousel Investing Payments Product Design Retail Banking Startups Robinhood

Dynamic Hedging and Washington Trust Bank

TrustBank

Washington Trust Bank believes that the information used in this study was obtained from reliable sources, but we do not guarantee its accuracy. Financial News Investment News dynamic hedge market timing markets S&P 500 S&P 500 Bear market VIX Washingotn Trust Bank Washington Trust Ban Washington Trust Bank Wealth Management & Advisory ServicesAfter a strong surge off the market’s March 23 rd low, volatility returned to the markets last week.

Community Bankers to Washington: Let’s Work Together To Get the Job Done

Finer Points

Last week’s ICBA Washington Policy Summit showed once again that community bankers are not only willing to go the extra mile—they’re even grateful for the privilege. Advocacy Community Banks Credit Unions Farm Credit System Regulatory Relief Washington Washington Policy SummitWith nearly 1,000 community bankers and industry advocates in the nation’s capital to advocate positive reform in more than 300 meetings with policymakers, there was a feeling of enthusiasm […].

Libra’s Long Week In Washington 

PYMNTS

Washington must go beyond the hype and ensure that it’s not the place where innovation goes to die. While we cannot accurately say that the two days Facebook ’s David Marcus were the worst two days a Facebook executive has ever had in front of Congress, that statement is more a testament to how rough some of Facebook’s recent congressional hearing have been.

Washington Watch

Independent Banker

Needless to say, the advocacy process with the CFPB has moved at the speed of Washington. Just as this victory serves as a reward for the hard work of our association and industry, it is also a reminder that effective advocacy in Washington is performed over years. Furthermore, it demonstrates the resonance of the community bank voice in Washington. Advocacy & Policy Industry Insight Regulation / Compliance Viewpoints Washington Watch Years in the Making.

Washington Watch

Independent Banker

While Washington often moves at a glacial pace, it recently came to life to enact reforms benefiting bank and thrift holding companies. As we continue to push for additional relief provisions toward a more tiered system of regulation, we can look to victories such as these as a reminder that hard work really does pay off in Washington—even if it does seem to happen very gradually. Advocacy & Policy Industry Insight Legislation Viewpoints Washington Watch Holding Firm.

Washington Watch

Independent Banker

Advocacy & Policy Regulation / Compliance Washington Watch Once More, with Feeling. Second streamlining regulatory review requires firm agency commitment. By Chris Cole. In ICBA’s war on overregulation, we are working to ensure the banking agencies use every available opportunity to roll back regulatory excess. That is why we are calling on regulators to make the most of the latest mandatory review of federal banking rules.

Mr. Sloan Goes To Washington

PYMNTS

Call it Mr. Sloan Goes to Washington. Call it a movie that features a less than-thrilled-to-have-top-billing star. As has been widely reported, the scandals engulfing Wells Fargo have stretched out over two years, focused on fake accounts, mortgages, auto loans and seemingly no end of scrutiny on Capitol Hill.

Report: Washington Post’s Arc Publishing On Delivering Digital Payments Choice

PYMNTS

Consumers are showing little interest in returning to in-store shopping six months into the pandemic, leading retailers around the globe to double down on their digital capabilities to convert these new digital-first shoppers.

Washington’s Metro System Plans For Mobile Payment Future

PYMNTS

To enable mobile payments, the Washington Metropolitan Area Transit Authority (WMATA) is working with its fare payment vendor to upgrade its payment capabilities. Mobile Payments mobile app News Payment platforms Transit Payments Washington Metro What's HotWMATA seeks to be “mobile ready” by 2019, the agency said in a statement.

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Mr. Stumpf Goes To Washington

PYMNTS

20), Mr. Stumpf will go to Washington, and we’ll get the verdict straight from those congressional horses’ mouths. With the NFL back in season (Pats 2-0 for those keeping count at home), the term “Greatest Show on Turf” is getting thrown around an awful lot these days. And while the NFL and its players are usually the Greatest Show on Turf, this week, the Senate Banking Committee hearing with Wells Fargo’s CEO might have given the league a run for its money but for two reasons.

Let’s Take Last Week’s Convention Energy to Washington

Finer Points

Advocacy Convention Washington Policy Summit ICBA’s national convention is always an incredible experience. If you haven’t witnessed nearly 3,000 members of the community banking industry in the same place at the same time, you should make a point to do so at least once in your career. But there was something special about this year’s convention. There was a feeling, […].

Washington Trust Bank To Test Expense Reporting from Startup Obloco

Bank Innovation

It’s a truism that expense reporting sucks. Keeping your receipts together (and the ink may be toxic) and then typing up a summary to hand over to finance and wait who knows how long to be reimbursed — what a pain. Then the finance department has to input paper documents into Read More. Online Obloco

Amazon Toured Sites In Washington, DC, Area Last Week

PYMNTS

Washington, D.C., According to news from The Washington Post , Amazon officials toured locations in Washington, D.C., Officials told the Post the tours in Northern Virginia happened early last week, while the Washington tours occurred in the middle of the week and Amazon workers toured locations in Montgomery County toward the end of last week. “We’ve Amazon e-commerce employment headquarters Merchant Innovation News Retail washington dc What's Hot

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Big Tech CEOs Head To Washington July 27 To Testify In Antitrust Probe

PYMNTS

The CEOs of Amazon , Apple , Facebook and Google parent Alphabet will all appear before Congress this month as part of a governmental probe into their companies, Reuters reported, citing a statement from the House Judiciary Antitrust Subcommittee. House Judiciary Panel Chair Jerrold Nadler and Antitrust Subcommittee Chairman David Cicilline said it is “essential” that the CEOs give testimony. They’ll all be allowed to give statements virtually, Reuters said.

Washington State AG Sues Uber Over Data Breach

PYMNTS

More legal woes for Uber : Washington State’s attorney general has sued the ride-sharing company, alleging it had violated the state’s data breach notification law. According to news from Reuters , Washington State’s attorney general, Bob Ferguson, filed a multimillion-dollar lawsuit against Uber, alleging that the names and drivers’ license numbers of at least 10,888 Uber drivers in the state had been stolen without their being notified as state law requires.

TikTok’s Head To Connect With Legislators In Washington

PYMNTS

As suspicions surrounding the app’s ties to China continue to increase, TikTok chief Alex Zhu will meet with legislators in Washington, D.C. next week. Marsha Blackburn (R-Tenn.), who has been an outspoken critic of the tech industry and especially TikTok, will meet with the executive, CNBC reported.

Square Partners With Washington Nationals To Offer In-Seat Concessions

PYMNTS

Payments company Square has partnered with the Washington Nationals and Levy Restaurants to let fans order concession menu items right from their seats, according to reports. Fans can use the Square-owned Caviar app and the Square POS terminal to order everything from food to beer and wine while enjoying the game from the stands. When the order is ready, they’ll receive a notification in the form of a beep.

Washington Proposes Amendments to Student Loan Servicing Rules

CFPB Monitor

The Washington State Department of Financial Institution (DFI) has published proposed revisions to its student loan servicer regulations. This proposal would amend rules that went into effect earlier this year pursuant to Washington’s student loan servicing law. A provision that would allow Consumer Loan Act licensees servicing student loans for Washington state borrowers to apply to the DFI’s director to have annual assessments waived or adjusted.

Ripple chairman: Washington lobbying has led to poor crypto judgements

Bobsguide

Washington is in a learning phase,” he told an audience at Money20/20. Chris Larson, executive chairman and co-founder of Ripple, said mistakes have been made in the ways in which regulators have dealt with cryptocurrencies. “I have to say there was a debacle with the industry

Why Washington mobilized so quickly against Facebook's crypto plans

Payments Source

The speed and the bipartisan nature of the demand for an investigation into Facebook's Libra are telling, giving ammunition to those who warned the cryptocurrency space is underregulated and unsafe. Cryptocurrencies Digital payments Digital marketing Fintech regulations Fintech Maxine Waters Facebook Senate Banking Committee House Financial Services Committee

Washington Post Article Spotlights Community Banks’ PPP Efforts

ABA Community Banking

A new article in the Washington Post yesterday spotlighted the round-the-clock efforts of community banks to make Paycheck Protection Program loans with a largely remote workforce. The post Washington Post Article Spotlights Community Banks’ PPP Efforts appeared first on ABA Banking Journal. Commercial Lending Community Banking Newsbytes Community banking SBA Paycheck Protection Program Small business Small business lending

Smart Card Alliance opens Washington, DC-area training center

Mobile Payments Today

The National Center for Advanced Payments and Identity Security in Crystal City, Virginia, will be a permanent facility for live educational activities hosted by SCA

Washington calls community banker

ABA Community Banking

Why ICBA’s Rebeca Romero Rainey, former CEO, left N.Mex. for “the swamp” People Community Banking. 1Community Banking

Mortgage gift from Washington?

ABA Community Banking

SNL Report: Unexpectedly, small lenders gain market share under QM Retail Banking Compliance Mortgage CFPB. 1Compliance

Is mortgage industry equipped to implement Washington's forbearance plan?

American Banker

Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams. Servicing Coronavirus PHH Mortgage Loan modifications Mr. Cooper Law and regulation

New requirements for collection of medical debt in Washington effective July 28

CFPB Monitor

Effective July 28, debt collectors licensed in Washington will be subject to new requirements when collecting medical debt. Substitute House Bill 1531 , signed into law by Washington Governor Jay Inslee on April 30, amended the state’s debt collection law that requires debt collectors to be licensed by adding certain substantive requirements along with a definition of “medical debt.” Debt Collection State CFS Monitor debt collection medical washington

Top Banks Looking To Washington For Growth, Clarity

PYMNTS

’s largest banks are looking to Washington, D.C., ” “I just spent time in Washington last week and left very encouraged by the open and productive dialogue that is taking place,” Cecere said. But while many bank CEOs have fixed their eyes on Washington to promote industry growth, not every executive is optimistic. According to recent reports in the Wall Street Journal , some of the U.S.’s

Washington DFI Extends SCRA Interest Rate Cap to Servicemember Spouses

CFPB Monitor

In its recently published Summer 2019 Newsletter , the Washington State Department of Financial Institutions (“DFI”) reported that it had interpreted the Servicemembers Civil Relief Act (“SCRA”) broadly to apply the SCRA’s 6% interest rate cap to a loan agreement entered into only by a servicemember’s spouse. The DFI disagreed, stating that because Washington is a community property state, debts incurred during the marriage are presumed to be community debt.

State Regulation, Conference of State Bank Supervisors, Financial Services, FinTech, Charles Clark, Washington State Department of Financial Institutions, License, Regulation, Bank of Indonesia, FinTech, Bitcoin, Cryptocurrency, News

PYMNTS

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. He said that in his own state of Washington, state regulators have been looking at those issues for some time to determine the possibility of some sort of reciprocity or sharing of information. “It