In a speech at the Money 20/20 conference in Las Vegas, the head of the CFPB said he was troubled by banks who would shut off access to third-party data providers and believes consumers should have access to their data; though the agency declined to comment on the possibility of a new rule, they did make it clear that consumers should be the ones who decide when and who should have access to their data; this puts banks in a tough position as they work to comply with the current regulations and burgeoning fintech market that has given consumers a variety of technology options to use their personal data. Source
Gensler said his biggest worry about the equity market was competition and consolidation. While retail investing has taken off, the PFOF that enables it is ripe for conflict of interest.
Earned Wage Access has specific legislation in Nevada, Missouri and now Wisconsin after the governor signed a new law this week.
Buy now, pay later (BNPL) giant Klarna will start reporting data on customers' usage of its products to credit bureaus in the UK.
The last day of the year is normally pretty quiet as far as news goes but LendingClub had two major...
As chancellor in 2020, Sunak requested a review of the UK's fintech sector, also known as the Kalifa Review, published in February 2021.
Look beyond the initial aftereffects of recent market shocks and there are plenty of positive developments happening in blockchain-related industries, the leader of a global investment firm believes.
Lend Academy takes a retrospective look at the most important stories for the industry in 2016; regulation was a factor for the industry and 2016 included a white paper from the Treasury with consultation from seven federal agencies governing the financial services industry including the Securities and Exchange Commission, Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau; the Office of the Comptroller of the Currency proposed its new fintech charter and the Marketplace Lending Association was formed as an advocate for the industry; other highlights included a $50 million investment in US P2P loans from Chinese marketplace lender CreditEase and a leading market position from SoFi. Source
I am a big fan of earned wage access. When I last wrote about it in 2019, I made the...
It is a question the customer service people at Prosper and Lending Club hear all the time. Why doesn’t my...