[Editor’s note: This is a guest post from Ryan Metcalf, Head of Public Policy & Social Impact at Funding Circle.] Fintech...
The Consumer Financial Protection Bureau (CFPB) has released a report on financial innovation; the report entitled “Project Catalyst Report: Promoting Consumer Friendly Innovation” is an effort from the CFPB to expand its knowledge and inform consumers on the benefits of financial innovation. One specific approaches reflected upon is the CFPB's "Trial Disclosure Waiver Policy" to test and revise disclosure statements in a controlled environment, and no-action letters. Source
The responsibility for managing compliance is increasingly falling on fintechs. Here are seven areas where fintechs need to focus.
A look back at the most popular fintech stories, podcasts and cartoons of 2023.
These operations had been legally challenged by credit card companies, which currently dominate this type of activity in Chile.
I am a big fan of earned wage access. When I last wrote about it in 2019, I made the...
Lend Academy takes a retrospective look at the most important stories for the industry in 2016; regulation was a factor for the industry and 2016 included a white paper from the Treasury with consultation from seven federal agencies governing the financial services industry including the Securities and Exchange Commission, Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau; the Office of the Comptroller of the Currency proposed its new fintech charter and the Marketplace Lending Association was formed as an advocate for the industry; other highlights included a $50 million investment in US P2P loans from Chinese marketplace lender CreditEase and a leading market position from SoFi. Source
The paper, published by the President's Working Group on Financial Markets, argued that regulation must address defi money laundering and terrorism financing to create broader investor protection.
Chinese regulators raided over 40 companies in China to investigate for illegal activities pertaining to the country's newly disseminated laws; investigators found property agents listing homes that owners had not agreed to sell and providing false information about properties; with a focus on real estate property investing, the investigators also found P2P lenders offering down payment loans after they were recently restricted by regulators. Source
Brazil, the largest country in Latin America, is moving closer to regulating cryptocurrencies with its own version of a Bitcoin law.