Tag Archives: FinTech

Bank of England Governor backs FinTech

In a speech delivered at Mansion House on 21 June 2018, Mark Carney, the Governor of the Bank of England (BofE), made the case for a modernised financial services sector, which would be underpinned by a thriving FinTech sector, especially in the area of payments. The remarks reinforce the BofE’s plan for FinTech in central … Continue Reading

Using Tether’s Loss to Prepare for Possible Cryptocurrency Theft

On November 20-21, 2017, Tether, the company behind USDT – a digital token backed by fiat currencies like the dollar and euro – disclosed that a hack resulted in the loss of $30.95 million worth of tokens.1 Tether posted an announcement to its website November 19 reporting that a “malicious action by an external hacker” … Continue Reading

Illinois Releases Proposed Guidance on Application of State Money Transmission Law to Digital Currency Activities

On November 30, 2016, the Illinois Department of Financial and Professional Regulation (IDFPR) issued a proposed “Digital Currency Regulatory Guidance” (the Guidance) regarding the application of the Illinois Transmitters of Money Act (TOMA) to various digital currency activities. The Guidance applies only to “decentralized digital currencies,” which are not issued by a particular person or … Continue Reading

OCC Announces Special Purpose Charters for Fintech Firms

On Friday December 2nd, the Officer of the Comptroller of the Currency (OCC) announced that it would consider granting financial technology (fintech) firms special purpose national bank charters.  The OCC’s proposal constitutes a major development for fintech companies and the financial services industry more generally.  This move builds on recent actions taken by the OCC … Continue Reading

SEC Forum on FinTech Innovation Discusses Leveraging the Blockchain to Enhance Transparency, Verifiability and Governance in Corporate Processes

In a panel at the Securities and Exchange Commission’s recent forum on Innovation in FinTech, experts discussed blockchain’s potential role in corporate processes such as by providing an unalterable history of transactions, by tracking products and documents throughout their lifecycles, and by dividing the risks and costs of maintaining an authoritative system of record among … Continue Reading

Swiss Government establishing “crypto-bank” as new category of Financial Institution and creating new FinTech company license

On, November 2, 2016, during its weekly meeting, the Swiss Federal Council (the Council), the executive council which serves as the collective executive head of the government of Switzerland, requested an easing of the Swiss regulatory framework for providers of innovative financial technologies (FinTech).  The Council stated that it desires forward thinking comprehensive solutions for … Continue Reading

Settlement Offer Can’t Moot Consumer Lawsuits

In a 6-3 decision issued today, the Supreme Court ruled that defendants cannot rely on a strategic offer of judgment to the named plaintiff to moot the claims of the putative class. After an unfavorable Ninth Circuit decision, U.S. Navy contractor Campbell-Ewald asked the high court to consider, inter alia, whether defendants can strategically offer … Continue Reading

Banks and FinTech : More Than Meets the Eye

On December 16, 2015, the Office of the Comptroller of the Currency (OCC) issued its semiannual risk assessments for federally chartered financial institutions (PDF here). Relevant to FinTech, the OCC noted: Banks are increasingly adopting innovative products, services, and processes in response to the evolving needs for financial services and growing competition from other banks and … Continue Reading

What has the CFPB said about that?

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents. The first is a compilation of all nine issues of the CFPB’s Supervisory Highlights, from 2012 to 2015. The second is a compilation of all the CFPB’s Bulletins, … Continue Reading

Democrats Push for Regulatory Oversight of Marketplace Lenders

As reported in Bloomberg, a group of Democratic Senators has issued a letter to Treasury Secretary Jack Lew and SBA Head Maria Contreras-Sweet asking for clarification on the regulatory oversight of marketplace lenders.  The letter, from Sherrod Brown (D-Ohio), Jeanne Shaheen (D-N.H), and Jeff Merkley (D-Ore.) inquires about whether consumers are adequately protected in online … Continue Reading

Treasury Unsure of Use of Facebook ‘Likes’ in Lending Decisions

The increased use of Yelp reviews, Facebook “likes” and other social media interactions to determine a borrower’s creditworthiness has caught the attention of regulators in US Department of Treasury, amid concerns that the data is too subjective and could result in discriminatory lending patterns if not used properly. On October 29, Antonio Wiess, an advisor … Continue Reading

FinTech Accelerator to Launch in Singapore, Backed by CIMB

Malaysian bank CIMB has announced a partnership with a Singapore Accelerator called Startupbootcamp FinTech to help provide guidance to FinTech startups in Singapore. CIMB will provide business advice and funding for the Accelerator and participating startups. According to its website, Startupbootcamp FinTech is the leading accelerator focused on financial innovation, providing funding, mentorship, office space, … Continue Reading

Role of the UK Financial Conduct Authority is To Support FinTech Disruption

Jacqui Hatfield and Melanie Shone have recently written an article titled The FCA and FinTech: playing by the rules to support FinTech disruption, examining the role of the UK Financial Conduct Authority (FCA) in supporting the disruptive innovation of FinTech. The UK has one of the largest concentrations of emergent FinTech companies in the world … Continue Reading

FTC’s “Start With Security” Program

On September 9, 2015, the Federal Trade Commission (FTC) and University of California Hastings College of Law hosted the first conference in the FTC’s “Start With Security” series. Aimed at start-ups and developers, the event featured security specialists to discuss design and development, scaling up data security as businesses grow, common security vulnerabilities, and vulnerability response. … Continue Reading

OCC Aims To Understand FinTech

The Office of the Comptroller of the Currency has announced a new initiative to keep pace with innovation in the financial. On August 7, 2015, in remarks before the Federal Home Loan Bank of Chicago, the Comptroller of the Currency, Thomas J. Curry discussed the OCC’s efforts to develop a framework to evaluate new and … Continue Reading

Treasury Seeks Comments on FinTech Lending

On August 14, 2015, the U.S. Department of the Treasury extended the comment period to give the public more time to respond to a Request for Information (RFI) on marketplace lending titled “Public Input on Expanding Access to Credit through Online Marketplace Lending.” The public now has through September 30, 2015 to provide comments. What’s … Continue Reading
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