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.
Business Insider takes a look at the worldwide regulations surrounding the emerging Cryptocurrency market; in addition to cryptocurrencies they also take a deeper look at the regulatory structure beginning to be built around blockchain technology; regions covered include the US, Europe, China and more. Source.
The Financial Times’ Lex column explains that the P2P market in the UK can learn a great deal from the 2016 experience in the US; as lenders continue growing and look to achieve scale they should be careful to not overdo it; while troubles have occurred in the UK they have not reached the same level and lenders need to be sure to preserve credit quality. Source.
In their weekly industry update PeerIQ covered the most recent securitization deals and the acquisitions by student loan servicers Nelnet and Navient; Avant filed AVNT 2017-B worth $232.648mn, a consumer loan ABS transaction; PeerIQ took a close look at Mosaic whose most recent ABS transaction was heavily oversubscribed, with over $1.7 Bn in orders for a $307.5mn deal. Source.
Alipay and Marqeta partner on real time payment processing for Chinese travelers visiting North America; Marqeta’s platform will facilitate payment processing at retail locations across the continent; Jason Gardner, CEO of Marqeta tells Crowdfund Insider, “The Marqeta platform will ensure a seamless user and merchant experience across the U.S. that Alipay’s customers need when traveling and shopping abroad.” Source.
The proposed relationship would allow Chinese consumers traveling to the US to use their Alipay Mobile Wallet; Pablo Simone, head of product and strategy for Chase Merchant Services stated, “We are always looking for ways to deliver more value to our merchants and bring them closer to their customers. A relationship with Alipay would create opportunities that enable Chinese tourists to transact in a way they are familiar with.”; it is estimated that four million Chinese consumers will visit North America this year. Source
There is a lot of talk about all of the different ways blockchain technology can impact financial services; the Financial Times sat down with bankers, consultants, and analysts to come up with five areas where we are likely to see the most impact; categories include clearing and settlement, payments, trade finance, identity and syndicated loans. Source
CircleUp facilitates equity investments in consumer good companies; Rory Eakin, Co-Founder and COO of CircleUp discusses how they conduct due diligence, their unique data analysis tool they have built in house and the new debt product they are piloting. Source
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While speaking at an event at Georgetown Law School Acting OCC Head Keith Noreika defended the proposed fintech charter; Mr. Noreika also took questions on the fear of commercial companies being granted banking charters; “A national bank charter is a special thing, and the OCC will not undermine its value by granting charters to companies that are not ready to meet our admittedly high expectations” said Noreika. Source.