Researchers from the University of Texas published a study Tuesday morning that claims fintech lenders who participated in the Paycheck Protection Program dropped the ball on underwriting.
[Editor’s note: This is a guest post from Ryan Metcalf, Head of Public Policy & Social Impact at Funding Circle.] Fintech...
It was the 19th century German leader Otto von Bismarck who said, “Laws are like sausages. It’s better not to...
The Digital Real is one of the most ambitious undertakings of the BCB, which has been seeking to accelerate financial inclusion in Brazil.
The UK government has told P2P lenders that wholesale lending does not count under the current regulations and the practice is too risky for retail investors; wholesale lending is when you lend money to a business who then lends that money out; the FCA said, "this would mimic banking – but without the same protection for individuals or regulations for the firms involved"; P2P lender RateSetter started to wind down their wholesale loan book after getting more clarity from the FCA in December; the FCA still hasn't provided full clarity on the subject, but they are at least beginning to give more insight so lenders know where the boundaries are. Source
In a speech at the Money 20/20 conference in Las Vegas, the head of the CFPB said he was troubled by banks who would shut off access to third-party data providers and believes consumers should have access to their data; though the agency declined to comment on the possibility of a new rule, they did make it clear that consumers should be the ones who decide when and who should have access to their data; this puts banks in a tough position as they work to comply with the current regulations and burgeoning fintech market that has given consumers a variety of technology options to use their personal data. Source
Earlier this month a task force of Joe Biden and Bernie Sanders supporters released a document with policy ideas including...
Parliament and the Council agreed to track crypto transfers continuously and block suspicious transactions in a provisional agreement.
The Federal Reserve has announced it will hold an industry conference on financial innovation, titled, "Financial Innovation: Online Lending to Households and Small Businesses"; the event will take place on December 2 and will involve academics, industry participants and policymakers; discussions will focus on academic research and the evolving online lending industry. Source
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