Category: Digital Assets

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Fintech Week in Review: Week of January 10, 2020

Weekly Fintech Focus CA DBO cracks down on point-of-sale financing. Companies that offer deferred payment options at point-of-sale could be lenders in California. The White House issues the world’s first binding guidance on regulating AI. Agencies should take a light-touch approach and consider how regulations promote the growth of AI. State money transmission laws are … Continue Reading

Fintech Week in Review: Week of December 13 & 20, 2019

FinCEN Director Discusses How FinCEN Uses BSA Data and the BSA Value Project The Director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. Blanco, delivered prepared remarks at the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference this week.  Mr. Blanco spoke on five key topics: (1) how FinCEN uses Bank Secrecy Act (BSA) … Continue Reading

Fintech Week in Review: Week of December 6, 2019

CFPB Proposes to Expand Certain Remittance Transfer Safe Harbors To reduce compliance costs for certain banks, credit unions and other insured financial institutions, the Consumer Financial Protection Bureau (CFPB) proposed amendments to Regulation E to increase the safe-harbor available to insured financial institutions that provide a limited amount of remittance transfers from being categorized as … Continue Reading

Fintech Week in Review: Week of November 22, 2019

The Fed Chairman Comments on Potential for a US-backed Digital Currency Jerome Powell, Chairman of the Federal Reserve, wrote to Congress this week discussing the merits of implementing a central bank digital currency (CBDC) in the U.S. The letter responds to a number of questions posed by lawmakers regarding the value that a digital currency … Continue Reading

Fintech Week in Review: Week of October 11, 2019

OCC to Host Innovation Office Hours During Money20/20 On October 28, 2019, the Office of the Comptroller of the Currency (“OCC”) will hold Innovation Office Hours in Las Vegas, Nevada at The Venetian Hotel during the Money20/20 conference (October 27-30). During the Innovation Officer Hours, the OCC’s Office of Innovation staff meets one-on-one with fintech … Continue Reading

Fintech Week in Review: Week of October 4, 2019

Increase to the Management Interlock Threshold Rule Approved The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (the “Federal Reserve”), and the Federal Deposit Insurance Corporation (“FDIC”) approved a change to the thresholds in the major assets prohibition for management interlocks stated in the Depository Institution … Continue Reading

Fintech Week in Review: Week of September 27, 2019

CFPB and FTC to Host Credit Reporting Accuracy Workshop The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) recently announced that they will be hosting a public workshop on December 10, 2019 to discuss issues related to the accuracy of credit reports and background screening reports for employment and housing rental purposes. … Continue Reading

Fintech Week in Review: Week of September 20, 2019

California Governor to Consider Capping Rate on Finance Lender Loans The California State Assembly passed Assembly Bill 539, the Fair Access to Credit Act (FACA), with a vote of 61 to 8. FACA prevents licensed finance lenders from charging more than 36% (plus the federal funds rate) on consumer loans between $2,500 and $10,000. Reports … Continue Reading

Fintech Week in Review: Week of September 6, 2019

Domestic CSBS Suit Challenging OCC Fintech Charter Dismissed For the second time, a federal judge has dismissed a suit brought by the Conference of State Bank Supervisors (“CSBS”) seeking to block the Office of the Comptroller of the Currency (“OCC”) from offering a national fintech banking charter. Judge Dabney Friedrich of the D.C. Circuit again … Continue Reading

Fintech Week in Review: Week of August 30, 2019

CFPB fines company for allegedly deceiving customers The Consumer Financial Protection Bureau (“CFPB”) issued a consent order against a Texas money transmitter who communicated to customers that it would not be responsible for “errors made by banks or payment agents, or for any other reasons out of our control.” The company, Maxitransfers Corporation, focuses its … Continue Reading

Fintech Week in Review: Week of July 26, 2019

U.S. Developments Regulatory Developments House Task Force Looks to Allow Alternative Data for Credit Scoring A newly formed U.S. House of Representatives task force, the Financial Technology Task Force, held a hearing this week to discuss a proposed bill that would allow new types of data to appear on consumer credit reports, including items like … Continue Reading

Fintech Week in Review: Week of April 29 – May 3, 2019

U.S. Developments Regulatory Updates OCC Seeks Comments on Proposed Innovation Pilot Program The Office of the Comptroller of the Currency (“OCC”) is soliciting public comment on its proposed Innovation Pilot Program. Similar to state-level regulatory sandbox models, the proposed program would allow OCC-supervised financial institutions, including those working with third-party vendors, to apply to test … Continue Reading

Fintech Week in Review: Week of April 1 – 5

U.S. Developments Regulatory Updates New Rules for Prepaid Cards, Digital Wallets, and P2P Transfer Apps Become Effective As reported in this blog last year, the U.S. Consumer Financial Protection Bureau (“CFPB”) created a final rule implementing the Electronic Fund Transfer Act (“Regulation E”) and the Truth in Lending Act (“Regulation Z”). Originally released in October … Continue Reading

Fintech Week in Review: Week of October 29 – November 2

U.S. Developments Regulatory Updates  FinCEN Issues Advisory on FATF’s Updated Recommendations On October 31, FinCEN published an advisory on the international Financial Action Task Force’s (FATF’s) updated list of jurisdictions with serious regulatory deficiencies in anti-money laundering and combatting the financing of terrorism (AML/CFT). The advisory focused on North Korea (DPRK) and Iran, and FinCEN … Continue Reading

Fintech Week in Review: Week of July 9, 2018

FINRA Issues a Regulatory Notice for Firms to Let FINRA Know About Digital Asset Activities On July 6, the Financial Industry Regulatory Authority (“FINRA”), a self-regulatory organization that primarily oversees the regulation of broker-dealers, issued a new Regulatory Notice to encourage firms to notify FINRA if they engage in activities related to digital assets. For … Continue Reading
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