A new Senate proposal circulating yesterday would allow the Treasury and the...
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
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More Fintech Please: FCA Says Mortgage Industry in Need of Innovation StratiFi...
The weekly fintech news roundup features stories from Brex, Circle, BlackRock, the DTCC, MoonPay and more.
Chinese regulators are preparing new rules that target the businesses of the country's small-loan lenders; recent rules have capped P2P loans at Rmb200,000 ($28,925) for an individual and Rmb1 million ($144,626) for a company however small-loan lenders fall far below these thresholds and regulators fear the companies do not have adequate risk controls; 2016 data shows China has 8,673 small-loan companies with loans totaling Rmb927 billion ($134.1 billion) and this is in comparison to approximately Rmb673 billion ($97.3 billion) outstanding from P2P lenders; China's small-loan lenders are active in the market, offering a range of lending solutions and reporting small-loan asset securitizations of Rmb82 billion ($11.9 billion) in 2016; as the country continues its focus on tightening regulation for China's P2P lending industry, Li Junfeng, director of the financial inclusion department at the China Banking Regulatory Commission, says it will be specifically addressing new regulations that target the country's small lenders. Source
The comment period for the Office of the Comptroller of the Currency's fintech charter proposal closed on January 17 and the New York Department of Financial Services (NY DFS) was among the commenters; the NY DFS opposes the federal fintech charter; says state regulations have evolved to provide the necessary oversight; also notes that the regulations will create confusion, harm small business innovation, create monopolized institutions, increase competitive risks of non-bank entities and facilitate evasion of consumer protection. Source
The state of Virginia is alleging in a lawsuit against NetCredit that...
Fintech services appear to have figured out they must base their business...
Bloomberg is reporting that beleaguered fund manager, Brendan Ross, has resigned as...
As the partial government shutdown enters its second month, the impact is...
SoFi has announced the addition of Mike Bingle, Steven Freiberg, and Robert Joss to its board of directors; Bingle is a managing partner and managing director at Silver Lake, the company which recently partnered with SoFi for a $500 million funding round; Freiberg is joining the board after previously servicing as the CEO of E*TRADE Financial Corporation; Joss is currently a professor at Stanford and previously worked at Westpac Banking Corporation and Wells Fargo; Mike Cagney says the experience from the new board members will be helpful in supporting the firm's product and geographic expansions. Source