Fintech leaders praised Milei's win in presidential elections, anticipating a more favorable scenario for the technology sector.
In the light of the enforcement action against Farmington State Bank, Michele Alt of Klaros Group, gives four lessons for anyone considering acquiring a bank.
Russia's invasion of Ukraine triggered a rapid wave of sanctions, bringing challenges for financial services firms looking to stay compliant.
Indonesia's Financial Services Authority has issued regulations for alternative lenders; the regulations are slightly less strict than expected; they require fintech companies to have capital of 1 billion rupiah ($74,239) when registering their business and capital of 2.5 billion rupiah ($187,210) when applying for a business license; the regulations do not set any limits on interest rates. Source
The international group of regulators called the Global Financial Innovation Network (GFIN) has expanded to 29 countries and is inviting...
As chancellor in 2020, Sunak requested a review of the UK's fintech sector, also known as the Kalifa Review, published in February 2021.
The Consumer Financial Protection Bureau (CFPB) was established as part of Dodd-Frank reform following the 2008 financial crisis to focus on financial law pertaining to the protection of consumers in the financial marketplace; in 2016 a three-judge D.C. circuit panel declared the CFPB unconstitutional in the PHH vs. CFPB case and gave full director accountability power to the president; an appeal by the CFPB overturned that ruling and called for a rehearing of the case before a broader panel of judges which is set for May 24, 2017; on Friday, March 17 the US Justice Department filed a brief requesting that the federal appeals court restructure the CFPB; the brief appears to be focused on the fact that the CFPB director was setup to have no accountability to the president; in the case of PHH vs. CFPB, lawyers from PHH reported that the CFPB should be dissolved; the Justice Department's brief appears to focus just on the CFPB director's accountability. Source
PricewaterhouseCoopers' DeNovo team says transparency, credibility and evolving business models will be key factors for marketplace lending in 2017; increased disclosures and new solutions for data analytics are expected to help transparency while also improving confidence and credibility; new regulations will also be an important factor for the landscape overall, potentially creating new business requirements while also validating funding sources; the DeNovo team also cites potentially lower investment taxes from House Speaker Paul Ryan's "A Better Way" plan and expansion to broader lending categories as important for the new year; in 2017 funding disbursement is also expected to come from a wider range of sources with securitization in the lead; originations overall in 2016 are down 4.9% through September at $7.8 billion versus $8.2 billion in 2015 while securitizations have increased by 80% at $5.4 billion versus $3.0 billion in 2015 according to Orchard. Source
Buy now, pay later (BNPL) giant Klarna will start reporting data on customers' usage of its products to credit bureaus in the UK.
A comprehensive 380-page document was released that explained the policy and future legislation.