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Mark Carney’s backdoor to the European financial system

Every month is probably a busy month for the Governor of the Bank of England, Mark Carney, but September and October seemed especially so. The quiet Remainer was asked in September by the Chancellor, Philip Hammond, to extend his tenure for a further seven months, which Mr Carney responded positively to. From Mr Hammond’s perspective, … Continue Reading

CFPB Takes First Action Against Company for Lax Data Security Practices

The Consumer Financial Protection Bureau (“CFPB”) has announced its first data security enforcement action. On Wednesday (March 2), the CFPB released a consent order against Dwolla, an online payment platform company, alleging it failed to maintain adequate data security practices despite representations made on the company website and in communications with consumers that the company … Continue Reading

FSB Eyeing Global Stability of FinTech Companies

Financial Stability Board chairman Mark Carney has announced that global regulators are evaluating potential stability implications that emerging financial technology poses to the global financial system and hinted that a regulatory framework in some form is all but inevitable. The announcement came in a February 22, 2016 letter from Carney to the G20 Finance Ministers … Continue Reading

Supporting FinTech in the UK: The FCA’s Project Innovate

Jacqui Hatfield and Melanie Shone have recently published an article in Finance Monthly, examining the performance of the FCA’s Project Innovate.  The authors caution that “any new rules, specific to a particular technology, may quickly become obsolete as the pace of development in the FinTech space outstrips the speed of regulatory response.  It is therefore … Continue Reading