Regulatory

Why Reg Relief Is Moving in the Right Direction

Recent steps by the Congress and the Treasury, Federal Reserve Board, Comptroller of the Currency and the Federal Deposit Insurance Corp. suggest a welcome departure from the trend of one-size-fits-all rules – and a return to principles-based regulation anchored in regulatory common sense and sound financial judgment.

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U.S. Way Behind the Curve on Open Banking

Across North America, policymakers, fintech companies, and financial services firms are finally beginning an earnest dialogue about open banking. The Senate Banking Committee recently touched on the issue at a Sept. 18 hearing – one of the first official discussions in the halls of Congress.

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Switzerland and Israel Collaborate on Cryptocurrency & Blockchain Regulation

The Swiss Minister for Finance Ueli Maurer recently visited Israel along with State Secretary for International Financial Matters Joerg Gasser, citing their goal as gaining bank access to Israeli markets to allow Swiss banks to trade there.

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Cryptocurrency ‘Wild West’ Must Come to an End, UK Lawmakers Say

U.K. lawmakers have said they want to clamp down on the Wild West cryptocurrency market and prepare Britain as a legitimate home for the trading of digital currencies.

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Here’s What the CFPB’s Sandbox Should Look Like

The Consumer Financial Protection Bureau is joining a slew of regulatory agencies across the globe to create a fintech regulatory sandbox, and so far the bureau has offered scant details about the effort.

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Post-Netspend Payments Mishap, FTC Mails Off $10M to Consumers

The Federal Trade Commission (FTC) announced that it is sending out more than 430,000 checks totaling more than 10 million to those impacted by Netspend’s misleading claims over its reloadable prepaid debit cards. Netspend serves those without a bank, specializing in providing prepaid Visa debit cards.

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OCC FinTech Efforts in Legal Crosshairs, While GDPR Still Lags

The battle over FinTechs and national banking charters is about to get a bit more heated. New York state is suing the United States. Or to put it a bit more specifically, the Conference of State Bank Supervisors sued the Office of the Comptroller of the Currency.

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New York Sues U.S. To Stop Fintech Bank Charters

New York state’s top banking regulator on Friday sued the federal government to void its decision to award national bank charters to online lenders and payment companies, saying it was unconstitutional and put vulnerable consumers at risk.

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How Today’s Regulatory Bodies Are Impacting FinTech Development

Regulation is an integral part of today’s society and one that many of us aren’t even truly aware is thrumming around us. From the laws we abide by every day, to the rules protecting consumers against corporate exploitation, regulation is all around us, constantly keeping us and the commercial bodies around us in line with […]

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Cryptocurrency Regulation Requires a ‘Do No Harm’ Approach, US Regulator Says

When it comes to the oversight of cryptocurrencies, regulators need to avoid inhibiting innovation, yet be vigilant against manipulation, said U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo.

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CFTC and Singapore Central Bank Sign Fintech Pact

The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) today signed an arrangement to foster greater cooperation in FinTech. The arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets.

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State Regulators Refile Lawsuit Over OCC Fintech Charter Plans

US state financial regulators are to renew their litigation efforts over the recent decision by the Office of the Comptroller of the Currency to create a special purpose charter for financial technology firms. It’s the second time that the Conference of State Bank Supervisors (CSBS) has filed suit against OCC.

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