Regulatory

Kathy Kraninger Confirmed as New BCFP Head

The U.S. Senate has confirmed Kathleen Kraninger as the new Director of the Bureau of Consumer Financial Protection (BCFP).

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Retailers Ask the Fed for Real-Time Payments

Target and Walmart, among other companies, are asking the Fed to create a way for interbank transfers to be settled in real time, 24/7, in an effort to get paid in real time. The system may eventually shorten the lag time between when a shopper pays with a debit card to when the funds arrive […]

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CFPB Catches Flak From Banks, Credit Unions on Risks of AI

The Consumer Financial Protection Bureau on Thursday got an earful on the use of artificial intelligence from members of three advisory boards who said traditional financial institutions are at a competitive disadvantage against nonbank fintech firms.

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How Waters Will Keep Pressure on CFPB

There is already intense focus on how the Democratic-run House Financial Services Committee may shine a spotlight on Trump administration-appointed regulators. But that light might shine brightest on one agency in particular: the Consumer Financial Protection Bureau. Rep. Maxine Waters, D-Calif.

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US Congressman Introducing Legislation to Designate Bitcoin and Cryptocurrency as a New Asset Class

Bitcoin and cryptocurrency may finally become its own asset class, if a new bill heading to the US Congress becomes law.US Representative Warren Davidson of Ohio is proposing to bring some much needed clarity to confusion on whether crypto should be categorized as securities, commodities or properties.

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Mulvaney’s Misfire: CFPB Name Change Could Cost Industry Millions of Dollars

From the beginning, acting Consumer Financial Protection Bureau Director Mick Mulvaney’s desire to change the name of the agency he runs was a strange one.

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New York Financial Regulators Approve Blockchain Payments System

The Department of Financial Services of New York (NYDFS) has authorized a blockchain-based digital platform offered by a local bank, an official NYDFS press release states Dec. 4. NYDFS superintendent Maria T.

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US Regulators Urge Tech Innovation to Combat Financial Crime

Several regulatory agencies issued a joint statement that urged banks to study and implement where appropriate methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance.

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US Government Is Interested in Tracking Privacy Coins

The U.S. Department of Homeland Security (DHS) wants to know if tracking transactions conducted using privacy coins is feasible. A new pre-solicitation document published by the DHS Small Business Innovation Research Program discusses the use of cryptocurrencies such as bitcoin for transactions.

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G20 Agrees to Regulate Crypto, but Is This Good or Bad for the Market?

The G20, an international forum for the governments and central bank governors from the worlds 20 largest economies, has decided to regulate the crypto sector. Over-regulation restricts the growth of emerging asset classes and technologies by limiting the way companies can grow over the long-run.

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The SEC Launches a FinTech Hub

As part of its ongoing drive to try and bring clarity to the blockchain economy, The US Securities and Exchange Commission ( SEC) has launched a specialist financial technology division in order to directly engage with cryptocurrency start-ups and companies building on top of blockchain technology.

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Treasury Dept. Targets Crypto Wallets in New Anti-Terror Effort

Crypto exchanges have improved their anti-money laundering compliance (AML), but the the Treasury Department’s next priority is to remind them about the looming threat of terrorist financing.

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