The responsibility for managing compliance is increasingly falling on fintechs. Here are seven areas where fintechs need to focus.
The international group of regulators called the Global Financial Innovation Network (GFIN) has expanded to 29 countries and is inviting...
It seems that regulators in Pennsylvania have had some misgivings about p2p lending. So, the PA Securities Commission issued this...
The central bank of Indonesia has opened a fintech office; the central bank will use the fintech office to maintain its regulatory oversight while also providing support for new fintech startups; it plans to collect information on the industry for regulatory development; it will also facilitate the development of fintech companies and their introduction to the economy both in Indonesia and globally. Source
There is big news on the trade association front today. The Marketplace Lending Association (MLA), the trade organization for fintech...
The Consumer Financial Protection Bureau (CFPB) will appeal the court's unconstitutional ruling in the case of CFPB v. PHH in which PHH argued the CFPB's authoritative powers were too broad following enforcement actions that resulted in penalties primarily for referring consumers to mortgage insurers for compensation; the CFPB is requesting that the case be heard by all judges in the D.C. Circuit Court of Appeals rather than a panel of only three judges which provided the October ruling; if the verdict in the case is unchanged, the president will still be able to replace the CFPB director at his discretion; it's likely that Director Cordray could be replaced by President-Elect Donald Trump given his plans for Dodd-Frank. Source
2016 could be the alternative finance industry's first net negative year according to AltFi; uncertainty in capital investment was a substantial factor for the first time causing a renewed focus on retail investment; CEO turnover has been a significant factor with Renaud Laplanche's resignation a catalyst for decreased investor confidence; regulators have also caused market uncertainty with new regulations potentially adding compliance burdens for alternative finance businesses; macroeconomic factors including Brexit and the US presidential election have also increased pressure on alternative finance; despite hardships, sentiment for 2017 is mostly positive with 2016 seen as only a temporary retrenchment. Source
Fed Reserve Governor Christopher Waller said that FedNow will launch a country-wide interstate highway for payments in about six months.
There is much recognition that blockchain, DLT, and associated technologies are potentially beneficial, with many use cases emerging.
Fintech faces a flurry of changes, LexisNexis Risk Solutions director of financial crime compliance Tracy Manning said.