Biden administration priorities like stepped-up fair-lending enforcement and policing mortgage lender behavior loom large.
The Consumer Financial Protection Bureau will potentially be banning business practices, forcing the divestiture of business lines and working with state agencies to revoke licenses, Director Rohit Chopra said Monday.
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“If small and mid-size banks decide not to invest in open banking, the largest banks will be able to both...
The CFPB has laid out principles around the sharing of data between banks and fintechs; while the principles are non binding they are meant to provide guidance on the level of information sharing when a customer grants access to their banking details to a third party; there are still a few points of contention around screen scraping, informed consent and accountability when issues arise. Source.
The Center for Financial Services Innovation (CFSI) and JPMorgan Chase have announced the launch of their third annual Financial Solutions Lab (FinLab); the FinLab challenge provides support for fintech companies developing innovative solutions targeting the financial health of overlooked populations; the FinLab is currently taking applications and will announce its winners at the EMERGE Forum 2017; FinLab winners receive $250,000 and support from FinLab advisers and partners. Source
JPMorgan Chase and the Center for Financial Services Innovation (CFSI) announced their 4th annual Financial Solutions Challenge to help improve the financial health of underserved communities; for the first time the competition will focus on entrepreneurs of color, women and individuals with disabilities; "The FinLab believes that diversity among leaders and teams also leads to more inclusive products and services with the potential to scale to millions of customers,” explained the press release that accompanied the announcement. Source.
Mr. Clayton is chairman of the Securities and Exchange Commission and Mr. Giancarlo is chairman of the Commodity Futures Trading Commission; in a Wall Street Journal article they share their perspective on regulation as it relates to cryptocurrencies; they discuss trading, listed bitcoin futures products, ICOs and more. Source
The Chairman of the Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, told government technology executives at an event that blockchain technology is in our national interest; Coindesk reports that the chairman said, "Distributed ledger and blockchain technologies ... are going to challenge orthodoxies that are foundational to our financial infrastructure."; he also discussed agencies moving beyond just talk of implementation but to actually try to use the tech within their agency's. Source.
The Digital Commodities Consumer Protection Act of 2022 would create a definition of "digital commodity."...
Chain CEO Adam Ludwin sat with Business Insider to talk about blockchain technology and cryptocurrencies; the interview goes through the basics of what blockchain technology is and how it has been viewed by the wider market in recent years; the hype around the technology has made many believe it can transform anything and everything; in reality, Adam says, it is a tool that should be applied where relevant; they also explore the differences in selling into an institution and how the technology is used in bitcoin transactions. Source.