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
On November 7, China passed data control laws that had been put on the table in August; the laws include government security checks on companies in finance, telecommunications and other critical data industries as well as mandatory in-country data storage; also, individuals will have to register with their real names on messaging services; businesses are concerned that information flow will be curtailed in industries where this is critical to be effective and corporate security checks have the potential to be invasive rather than simply regulatory; the law will go into effect next summer; some aspects of the law will need clarification over time from the government. Source
Fintech leaders praised Milei's win in presidential elections, anticipating a more favorable scenario for the technology sector.
It seems that regulators in Pennsylvania have had some misgivings about p2p lending. So, the PA Securities Commission issued this...
The need for increased protection and Travel Rule compliance are two lessons DeFi needs to learn, Notabene CEO Pelle Braendgaard said.
CFPB director Rohit Chopra lobbed a surprise grenade onto the expo floor Tuesday morning by announcing plans for an open banking rule.
Brazil, the largest country in Latin America, is moving closer to regulating cryptocurrencies with its own version of a Bitcoin law.
When LendingClub’s founder and then CEO Renaud Laplanche testified before congress in December 2013 he was asked what the federal...
Anew approach to the FCA and how they interact with fintech, focusing on fostering innovation, being intelligence-led, and preparing for the future.
President Donald Trump has issued an executive order requiring the Treasury secretary and regulators to come up with a plan to overhaul Dodd-Frank and its over 400 regulations; the banking industry's tighter regulations have been a factor helping the success of marketplace lenders since the financial crisis and deregulation in the sector could create new challenges and increased competition for marketplace lenders; as the government begins to take deregulatory actions for traditional banks it also seems that marketplace lending has reached a phase likely to see increased regulations and involvement from regulators; these two forces along with other market factors could change the competitive landscape for the marketplace lending industry. Source