The need for increased protection and Travel Rule compliance are two lessons DeFi needs to learn, Notabene CEO Pelle Braendgaard said.
Fintech leaders praised Milei's win in presidential elections, anticipating a more favorable scenario for the technology sector.
President Trump is set to sign two executive actions on Friday that take aim at reversing the new financial regulations that were put in place as a result of the 2008 financial crisis; the executive actions will give the labor secretary power to rescind the fiduciary rule and ask the Treasury secretary and regulators to come up with a plan to replace Dodd-Frank; the fiduciary rule was set to go into effect in April and was meant to ensure advisors had their client's best interests at heart; Dodd-Frank was passed in 2010 and began implementation in 2012; the law was meant to limit the chance of another financial crisis like we saw in 2008; uncertainty exists with what will end up happening, but signals show that the fiduciary rule will be struck down and Dodd-Frank will be replaced. Source
The Federal Reserve made several changes to the Main Street Lending Program on Monday that should result in more businesses...
The Federal Council of Switzerland is seeking to make the regulatory framework more flexible for fintech companies; they have instructed the Federal Department of Finance to devise a policy statement setting such a direction; recommendations to be considered include: (a) setting a maximum of 60 days for holding money in a settlement account, which will make settlements better aligned with crowdfunding project funding deadlines, (b) creating of an innovation sandbox in which a platform can accept funds up to CHF 1 million, and (c) establishing a new fintech license, with fewer restrictions than on traditional banks. 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.
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 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.
Fed Reserve Governor Christopher Waller said that FedNow will launch a country-wide interstate highway for payments in about six months.