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Weekly Fintech Focus

  • A regulatory freeze imposed by the new administration puts controversial rulemakings on ice.
  • The CFPB finalizes its rule clarifying the role of supervisory guidance.
  • Federal banking regulators issue FAQs on SAR filing obligations.
  • The Federal Reserve continues to support the development of AI in financial services.
  • OCC Issues Ruling Permitting National Banks to Use Certain Blockchain Technologies
  • California issues proposed rules for sharing data on marijuana-related businesses to promote due diligence and KYC efforts.

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Continue Reading Fintech Week in Review: Week of January 22, 2021

Weekly Fintech Focus

  • FinCEN issues final rule that implements certain AML requirements on banks that lack a federal functional regulator.
  • FinCEN seeks public comment on AML Program requirements.
  • State regulators announce the “One Company, One Exam” for licensed payment firms.
  • The CFPB published its SBREFA outline for the upcoming small business loan data rule.

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Continue Reading Fintech Week in Review: Week of September 18, 2020

Weekly Fintech Focus

  • Federal banking agencies issue joint statement on enforcement of the BSA.
  • The California DBO issued an interpretive opinion declaring a payment processing arrangement not to be exempt under California’s agent-of-the-payee exemption for pay-in and pay-out transactions for online gambling.
  • The California DBO issued an interpretive opinion that maintains its position that cryptocurrency is not money under the Money Transmission Act, but certain crypto-activities could trigger the state’s escrow law.
  • The Federal Reserve discusses its efforts at developing and experimenting with a digital dollar and distributed ledger technology.

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Continue Reading Fintech Week in Review: Week of August 14th, 2020

Weekly Fintech Focus

  • Bank and credit union industry groups come out against the Fintech Charter, while Comptroller Brooks pushes forward.
  • The CFPB plans on issuing a proposed rule to address consumer-authorized access to financial records and data aggregation.
  • The CFPB issues an RFI in an effort to expand access to credit and prevent discrimination.
  • FinCEN issues an advisory alerting financial institutions to patterns of COVID-19-related cybercrime.
  • Three states sue the OCC over its recent valid-when-made rule.
  • New York is on the verge of becoming the second state to require TILA-like disclosures for commercial financing.

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Continue Reading Fintech Week in Review: Week of July 31st, 2020

Weekly Fintech Focus

  • FDIC seeks input on new technology certification program.
  • CFPB takes action to help employers develop emergency savings programs to boost worker financial resilience.
  • The OCC seeks comments on its proposed True Lender rule.
  • New York proposes amendments to its gift card regulations that would prohibit or limit fees and expirations in addition to providing for a new cash-back redemption right.

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Continue Reading Fintech Week in Review: Week of July 24th, 2020

Weekly Fintech Focus

  • The current pandemic creates new stresses on the relationship between payment processors and merchants, but there are ways to work through these challenges together. See here for our discussion reserve account issues in credit card processing agreements.
  • FinCEN seeks comment on the burden financial institutions face when filing SARs.
  • The CFPB files its first status report on its progress on rulemaking regarding the small business loan data rule.
  • The CFPB issued a report on the consumer complaints it received during COVID-19.
  • Marqeta raises $150 million with a $4.3 billion valuation.
  • New mobile banking registrations in April surge 200%.

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Continue Reading Fintech Week in Review: Week of May 29, 2020

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.

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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.

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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.

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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.

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