Weekly Fintech Focus

  • Bank regulators issue long-awaited guidance on offering small-dollar, short-term loans.
  • CFPB issues small-dollar lending no-action letter template.
  • CFPB provides guidance to people receiving pandemic relief on prepaid cards.
  • FinCEN issues guidance on COVID-19-related financial crimes.
  • Plaid announces the launch of a bank API development program to give banks, especially small banks, control over account data sharing with fintechs.
  • Libra Association hires former FinCEN director to be its general counsel.
  • FIS survey documents change in consumer banking behaviors from COVID-19.
  • Cashwire and Workday team up for automatic wire transfers.


Continue Reading Fintech Week in Review: Week of May 22, 2020

Weekly Fintech Focus

  • House Democrats latest relief bill includes protections for financial institutions working with marijuana-related businesses.
  • The CFPB issues guidance providing flexibility for financial institutions dealing with billing error disputes and making changes to consumer accounts to respond to the challenges of the COVID-19 pandemic.
  • The CFPB amends the Remittance Transfer Rule to permanently allow estimates of exchange rates and third-party fees.
  • FinCEN is seeking comments about the burden of collecting, filing, and maintaining CTRs.
  • U.S. credit card spending falls 40% in March and early April.
  • Contactless payments are more likely to be used.


Continue Reading Fintech Week in Review: Week of May 15, 2020

Weekly Fintech Focus

  • BIS provides additional guidance to central banks to encourage flexibility in responding to COVID‑19 challenges.
  • SoFi buys Galileo for $1.2 billion.
  • Visa and Fold co-brand a debit card that offers Bitcoin rewards.
  • Card networks are delaying planned interchange fee changes in light of COVID‑19 challenges.
  • Sweden joins the ECB instant payments platform.


Continue Reading Fintech Week in Review: Week of April 10, 2020

Weekly Fintech Focus

  • FinCEN fines former bank officer $450 million for AML failures at the bank.
  • CFPB hosts a symposium on consumer access to financial records and data aggregation.
  • CSBS requests additional comments for MSB Model Law.
  • FDIC requests input on modernization for bank advertising requirements.


Continue Reading Fintech Week in Review: Week of March 6, 2020

Weekly Fintech Focus

  • FDIC releases a guide about the risk assessment and due diligence frameworks required when fintechs partner with banks.
  • Revolut valued at $5.5 Billion after new funding round.
  • FATF blacklists Iran for failing to improve its terrorist financing safeguards.
  • FTC provides annual letter to CFPB on the agency’s ECOA activities.
  • FTC releases a report on its small business financing forum, with emphasis on unfair and deceptive practices.
  • CFPB commits to meet certain deadlines for issuing its small business loan data rule as part of a settlement.
  • The European Insurance and Occupational Pensions Authority (EIOPA) published its guidelines on outsourcing to cloud service providers, following closely the guidance provided recently by the European Banking Authority.
  • SEC Charges Settled Against Actor Steven Seagal in Bitcoiin2Gen ICO


Continue Reading Fintech Week in Review: Week of February 28, 2020

Weekly Fintech Focus

  • CSBS launches a streamlined state exam system for fintech companies and other nonbanks.
  • FinCEN announces a new Digital Innovation Officer with experience in cryptocurrency.
  • Senators seek answers from fintech lenders regarding disparate impact claims related to potential proxies for protected classes used in the lenders’ underwriting processes.
  • ESMA evaluates the role of BigTech in financial services.
  • Visa gives Coinbase principal status.
  • FDIC publishes application procedures for non-bank and non-traditional community banks.
  • Varo Money becomes first fintech to receive approval for a full bank charter from the FDIC.
  • LendingClub buys Radius Bank for $185 million.
  • The NYDFS will host a Financial Innovation & Inclusion Symposium on April 2 in NYC.
  • The Brazilian Central Bank announces launch of a “Near-Instant” payment system.


Continue Reading Fintech Week in Review: Week of February 21, 2020

Weekly Fintech Focus

  • The House Financial Services Committee takes on AI bias issues.
  • The Fed prioritizes interoperability for its FedNow payments service.
  • Colorado releases a roadmap for banks and others that provide financial services to cannabis-related businesses.
  • Mastercard gets preliminary approval to operate in China.
  • NY Court Finds Fantasy Sports Betting Illegal.
  • Fed Reserve Governor Discusses Digitalization of Payments and Currency.


Continue Reading Fintech Week in Review: Week of February 14, 2020

Weekly Fintech Focus

  • The CFPB issues a policy statement to clarify the “abusiveness” standard.
  • CFPB proposes a settlement with payday lending company linked to tribal lender.
  • Visa will modify interchange rates the most in a decade.
  • ARRC releases checklist for transitioning from LIBOR to SOFR.
  • The Fed continues to move forward on faster payments and is working to more broadly address the digitalization of payments.
  • FinCEN’s Deputy Director discusses AML oversight in speech at the SIFMA Conference.


Continue Reading Fintech Week in Review: Week of February 7, 2020

Weekly Fintech Focus

  • New York City bans cashless stores, joining Philadelphia, San Francisco, New Jersey, and Massachusetts in a growing national trend.
  • The FTC continues to go after payment processors involved in facilitating deceptive and fraudulent schemes.
  • FDIC extends the deadline for comments on its Innovation Pilot Program after it receives no responses.
  • FICO announces a recalculated FICO Score for credit scoring.


Continue Reading Fintech Week in Review: Week of January 24, 2020

Weekly Fintech Focus

  • NYDFS creates a consumer protection task force to bolster its consumer protection activities.
  • CFPB issues its second no-action letter under its revised no-action letter policy. Both no-action letters relate to HUD’s housing counseling program.
  • CSBS releases Accountability Report on Fintech Developments.
  • Visa to acquire Plaid for $5.3 billion.
  • CFPB and the Utah AG to host joint office hours on 1/30 in Salt Lake City


Continue Reading Fintech Week in Review: Week of January 17, 2020