The "crypto crackdown" continues with the SEC's sights set on Coinbase. The company is holding firm.
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
Earlier this month a task force of Joe Biden and Bernie Sanders supporters released a document with policy ideas including...
A look back at the most popular fintech stories, podcasts and cartoons of 2023.
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.
State regulators are stepping into action to regulate earned wage access. But the process is slow and could create a mismatch for providers.
The Fed looks to supervise banks' involvement in crypto and fintech. Innovation is the focus but their approach will determine if successful.
The Financial Conduct Authority (FCA) has approved LendingCrowd for full FCA authorization which allows the company to offer investments through IFISAs; the approval follows a £2.75 million Scottish Enterprise investment in the platform's small business loans last week; the FCA's last approval was in October for P2PFA member firm, Lending Works. Source
Regulators are inspecting Chinese P2P lenders for compliance with new rules issued last year; specifically lenders must partner with a custodian and limit loans to RMB 1 million ($144,200) for individuals and RMB 5 million ($721,001) for companies; they are also not permitted to guarantee principal or interest; the country currently has more than 2,400 P2P lenders; experts expect the new rules will likely change the nation's P2P lending landscape significantly; Roger Ying, founder and chief executive of P2P lender Pandai stated: "[There] will be shakeouts, though good for those which are compliant. It will take time for P2Ps to move to custodian banks. Presumably the most risk for investors is with P2Ps who do not have escrow [or] custodian bank accounts as retail investor sentiment is low." Source
Last week with little fanfare or media coverage a House subcommittee met to discuss crowdfunding. The purpose of the meeting...