Brian S. Korn, Leader, Digital Finance and Marketplace Lending, Partner, Manatt Financial Services and Benjamin T. Brickner, Associate, Corporate and...
European finance chiefs believe that tech companies moving into financial services is a threat to financial stability; they also highlight the need for companies to be held to the same regulation as big banks; banks are especially concerned as open banking regulations are now in effect; article shares perspectives from BBVA, ING and Lloyds. Source
The long awaited changes to P2P lending regulations in the UK are finally here. Today, the Financial Conduct Authority (FCA)...
[Editor’s Note: This is a guest post from Michael Mann and Margot Laporte. Michael Mann is a partner in the Washington, D.C....
[Editor’s note: This is a guest post from Brian Korn, Neil Faden, Benjamin Brickner and June Kim of Manatt, Phelps...
The Federal Home Loan Banks have been around since 1932 but their mission has changed from support for affordable housing to liquidity provider for banks. This has had a profound impact on the financial system.
Cleaver stated, “If we fail to act on fintech, we are setting ourselves up for problems down the road. Not because the fintech folks are evil…but because we are behind the curve.”; Cleaver also discussed the importance of understanding what is going on in fintech so the proper safeguards can be put in place; he proposed that fintech companies should speak before the Financial Services Committee and that more meetings should be held. Source
2018 has not been kind to the digital currency as it is down 50 percent against the dollar and the first quarter is the second worst on record; regulation, a clampdown in Asia hurting volume and the big price run up in late 2017 have all hurt Bitcoin; the prevailing thought about making fast cash has gone away as the price has dropped; the price today stand just below $7,000, down from a high of $20,000. Source.
The MiCA Bill was passed in April, bringing with it a possible end to the lack of clarity in European crypto but it's not all plain sailing.
Head of the IMF, Christine Lagarde, said she thinks it is inevitable that global regulators come up with new regulations for cryptocurrencies; the IMF has been primarily focused on how the new currencies are being used for money laundering and funding illicit activities; this isn’t the first time the IMF has hinted at and discussed cryptocurrency regulations; trends in the direction of new legislation have been hinted at for some time though nothing widespread has occurred yet. Source.