Superintendent of the Department of Financial Services Adrienne Harris discussed if fintech could live up to the promise of financial inclusion and state regulators' role in her keynote.
Last year, 16 fintechs were authorized in Mexico. Among them, Albo, Belvo, Todito Pagos, Mercado Pago and Femsa's Spin by Oxxo.
Scott Morrison, Australia's treasurer, spoke about regtech at the Fintech Australia Summit; the treasurer discussed a regtech collision occurring in fintech where both crowdfunding firms and traditional banks are benefiting from increased technological innovation around regulation; likely that the marketplace lending ecosystem could see expansion in regulatory technology innovation. Source
President Trump is set to sign two executive actions on Friday that take aim at reversing the new financial regulations that were put in place as a result of the 2008 financial crisis; the executive actions will give the labor secretary power to rescind the fiduciary rule and ask the Treasury secretary and regulators to come up with a plan to replace Dodd-Frank; the fiduciary rule was set to go into effect in April and was meant to ensure advisors had their client's best interests at heart; Dodd-Frank was passed in 2010 and began implementation in 2012; the law was meant to limit the chance of another financial crisis like we saw in 2008; uncertainty exists with what will end up happening, but signals show that the fiduciary rule will be struck down and Dodd-Frank will be replaced. Source
Chancellor Hammond and the newly established fintech delivery panel will meet in February to discuss the fintech industry; the group's purpose is to drive fintech specific policy recommendations for the UK; 24 industry experts will attend the February meeting including representatives from Funding Circle, Seedrs and MarketInvoice; on April 12 the UK government will also hold the International FinTech Conference in London to connect domestic and international investors with the UK's fintech market. Source
CFPB director Rohit Chopra lobbed a surprise grenade onto the expo floor Tuesday morning by announcing plans for an open banking rule.
US legislators have proposed that student loan debt be discharged in the case of bankruptcy; the current law gives added protection to student loan lenders by requiring the debt to be repaid in bankruptcy; lawmakers and lobbyists are also considering other provisions that would provide debt relief to student loan borrowers who have filed for bankruptcy; while the debt relief initiatives will benefit borrowers, the effects will add increased default risk for investors in private student loans and private student loan securitizations. Source
On June 13, the UK released its digital strategy paper looking at all growth areas such as intellectual property, leveling up, and talent.
The responsibility for managing compliance is increasingly falling on fintechs. Here are seven areas where fintechs need to focus.