The report found that more than half of banks reported challenges reducing cyberattacks, and nearly half of firms are concerned with safeguarding sensitive data and adapting to consumer privacy laws.
'We have the emergence of great innovation, but it's often in highly regulated industries, where regulators only have very blunt instruments to support that.'
In a speech last week to the US Chamber of Commerce, CFPB Richard Cordray provided thoughts geared towards fintech companies stating, "One message we are sending to the industry is, you are not going to be able to take advantage through arbitrage of our regulatory system. It's not fair for you to not have to meet the same expectations that banks have to meet. If you're trying to get an advantage by not meeting the same standards, that is not acceptable and we're trying to send that message loud and clear."; Cordray also spoke on finding the right balance of fintech regulation, modernizing regulations and the Bureau's look at debt collectors and payday lenders. Source
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
The law deals with various aspects of crypto assets, including their issuance and operations of tokenized financial products.
The "crypto crackdown" continues with the SEC's sights set on Coinbase. The company is holding firm.
Funding Circle was approved for a 7(a) license by the SBA but now there are some in Congress that want to take that away from them.
On Monday, April 14, the EU's committee, Economic and Monetary Affairs, adopted a new position on rules on crypto-assets.
Parliament and the Council agreed to track crypto transfers continuously and block suspicious transactions in a provisional agreement.
Passporting could increase fintech competitiveness across Europe as the UK prepares to leave the European Union; passporting would lower regulatory requirements for fintech firms in the European Union allowing them to operate more freely across Europe; it would also create greater incentive for firms to move their business to the European Union and away from London; the European Commission has launched a three month consultation period on passporting and new legislations for fintechs which will be followed with legislative proposals; on Thursday, March 23 the European Commission also published a plan for European Union financial services companies that will focus on reducing costs and increasing consumer protection. Source