The Fed looks to supervise banks' involvement in crypto and fintech. Innovation is the focus but their approach will determine if successful.
The Madden saga has been plaguing the marketplace lending industry for years now. We have covered this issue on Lend...
Chapman and Cutler provide insight on regulation in marketplace lending in their annual survey publication titled, "The Regulation of Marketplace Lending: A Summary of the Principal Issues"; covers a wide range of marketplace lending regulatory aspects for consideration; includes court case rulings and government involvement; also provides details on the status of marketplace loans as securities, applicable securities laws and more. Source
Digital ID verification tools must respond quickly and accurately, even as fraudster methods change, Sumsubs's chief legal officer says.
To really address the racial wealth gap fintech companies need a new mindset. Traditional products, even with a fintech twist, are not making a big enough difference.
Thomas Curry, Comptroller of the Currency, gave more insight on the Office of the Comptroller of the Currency's (OCC) plans for fintech regulation at a banking and innovation conference in London; Curry reported that regulation would be consistent with current banking standards, noting in his comments that, "if the OCC decides to grant a national charter in this area, the institution will be held to the same high standards of safety, soundness and fairness that other federally chartered institutions must meet"; the OCC is continuing with its plans for an Innovation Office and Curry said he would be releasing a white paper on fintech innovation. Source
In September, Comptroller of the Currency Thomas Curry discussed his proposal for fintech regulation which he said would likely include a fintech charter; on Friday, Thomas Curry is expected to announce his plans for the fintech charter; potential provisions to be included with the fintech charter announcement include receivership powers which would provide support from the government if capital funding fails. Source
[Editor’s note: This is a guest post from Ryan Metcalf, Head of Public Policy & Social Impact at Funding Circle.] The Paycheck...
Patrick McHenry is one of the most proactive advocates for fintech in Congress; at LendIt USA 2017 he provided his insight from Congress on fintech and also spoke with Lend Academy in their podcast; his views are framing many of Washington D.C.'s legislative debates and his legislation, the Financial Services Innovation Act of 2016 (HR 6118), could be a significant factor helping to support future fintech innovation in the US. Source