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.
Russia's invasion of Ukraine triggered a rapid wave of sanctions, bringing challenges for financial services firms looking to stay compliant.
There is much recognition that blockchain, DLT, and associated technologies are potentially beneficial, with many use cases emerging.
These operations had been legally challenged by credit card companies, which currently dominate this type of activity in Chile.
Preserving singleness of money as stablecoins are introduced are just one of the challenges UK regulators will face in ongoing regulation.
A report from the Beijing Bureau of Financial Work says 90% of P2P platforms will struggle to stay in business in 2017; if their predictions are correct that would reduce the total number of P2P companies from 4,856 to approximately 500; companies will begin to undergo a review by regulators and it is expected that a run on deposits is likely to occur; regulators will be checking for a number of variables including two new requirements: the appointment of a custodian bank and full disclosure of the use of deposits; other factors under review will include risk management, business scale, IT infrastructure, investment sources and shareholders' credibility; firms will either be granted a P2P lending license or be required to liquidate; in 2016 the industry accounted for 800 billion yuan and according to the Beijing Bureau of Financial Work it is likely that 2017 will end drastically different for the industry overall. Source
The Paycheck Protection Program officially expired yesterday but last night the Senate reached a deal to extend the program until...
The Office of the Comptroller of the Currency (OCC) has published details on its fintech charter in a 16-page supplement to its existing OCC licensing manual; the fintech charter supplement addresses capital requirements, liquidity, financial inclusion plans, consumer protection and the application process; Lend Academy provides an analysis in their article; the release of the fintech charter will now be followed by an open comment period which ends on April 14; also noteworthy is that Thomas Curry's term as comptroller ends on April 9 however he can serve until a replacement is confirmed. Source
A new law has passed in New York to provide support for online lending; the law includes direction for the development of an outreach campaign that will educate small businesses about marketplace lending; educational materials will come from the Department of Economic Development and the Department of Financial Services and will include simple language detailing potential costs and risks including the disclosure of percentage rates, fees, charges and early repayment options. Source
[Editor’s note: This is a guest post from Ryan Metcalf, Head of Public Policy & Social Impact at Funding Circle.] Fintech...