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

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 in flux. Rhode Island just combined its laws governing electronic money transfers and sale of checks into one regime.
  • The FTC brought an action against a fuel card company for hidden fees.
  • The FTC announced that its recent data security orders will inform how it issues orders going forward, including more specific requirements for companies implementing safeguards to correct problems, more accountability for third-party assessors, and C-Suite compliance attestations for the company’s data security programs.


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

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) data, (2) the status of the BSA Value Project, (3) the importance of beneficial ownership information, (4) the federal banking agency working group efforts, and (5) the realignment of FinCEN’s organizational structure.
Continue Reading Fintech Week in Review: Week of December 13 & 20, 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 a remittance transfer service provider.  Under the proposal, the limit on remittances would be raised from the current limit of 100 or fewer transfers in the prior year to 500 or fewer transfers.  Remittance transfers are generally defined as electronic transfers of money from a consumer in the United States to an international location.
Continue Reading Fintech Week in Review: Week of December 6, 2019