The international group of regulators called the Global Financial Innovation Network (GFIN) has expanded to 29 countries and is inviting...
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
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.
Binance said it would pull out of the FTX deal in a tweet, citing corporate due diligence and media reports.
Brazil, the largest country in Latin America, is moving closer to regulating cryptocurrencies with its own version of a Bitcoin law.
The Economist magazine's intelligence unit (EIU) has published a report on regulatory support for financial inclusion in developing countries and it is now gaining traction with press and analysts; the report scores countries on having an inclusiveness strategy and building governmental and private sector expertise, then provides in-depth details in areas including credit markets, non-regulated lenders, payments and insurance; Colombia ties Peru this year for the most progressive country; India has shown the most improvement; Latin America and East/South Asia are leaders regionally while Africa and the Middle East remain behind; the EIU performed the research in conjunction with the Center for Financial Inclusion at Accion and the Multilateral Investment Fund at the Inter-American Development Bank. Source
Parliament and the Council agreed to track crypto transfers continuously and block suspicious transactions in a provisional agreement.
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.
It is a question the customer service people at Prosper and Lending Club hear all the time. Why doesn’t my...