Mobile Banking

Subscribe to Mobile Banking

Weekly Fintech Focus

  • Federal financial regulators for banks and non-banks reduce supervisory burdens and encourage covered entities to work with consumers that are affected by COVID-19
  • Regulators encourage contactless payment innovations to work towards sanitary payments in stores.
  • FinCEN issues an advisory on FATF-identified jurisdictions with AML/CFT deficiencies.
  • Goldman Sachs and Morgan Stanley are approved for majority stakes in China ventures.
  • Russian Prime Minister introduces a bill to allow fintech sandboxes.

Continue Reading Fintech Week in Review: Week of March 27, 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

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 found that the claims brought by the CSBS are not ripe, given that the no fintech charters have been approved or issued by the OCC, and therefore the CSBS lacks standing to bring the suit.

The New York Department of Financial Services (“NYDFS”), a CSBS member, has brought a separate suit on the matter in the Southern District of New York—and in that case, the judge has found the matter is ripe for adjudication and has allowed that suit to continue. In both suits, the plaintiffs allege the OCC’s fintech charter impinges on state sovereignty and exceeds the OCC’s congressional mandate.  Judge Friedrich notes in her opinion that her decision runs counter to the decision in the NYDFS case but disagrees with that decision where it conflicts with the D.C. Circuit’s dismissal of the CSBS case.
Continue Reading Fintech Week in Review: Week of September 6, 2019