Regulatory

In a Twist, Mulvaney Now Defending CFPB Enforcement Powers

In contrast to acting Director Mick Mulvaney’s pro-industry, deregulatory stances, the Consumer Financial Protection Bureau has lately wielded a lot more of its regulatory clout. The agency has accelerated enforcement actions against a mix of companies, upholding findings that originated in the Obama administration.

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UK Payments Regulator to Probe Card Acquiring Market

The UK’s Payments Systems Regulator is to conduct a market review into the card acquiring market in the wake of retail industry complaints about spiraling fees and ineffective competition. In the UK in 2017, 13.2 billion payments were made by debit card and an additional 3.1 billion payments by credit card.

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Chamber Wants Regulators to Update Their Fintech Policies

The U.S. Chamber of Commerce is calling on regulators to change their policies on fintech, and has formed a FinTech Innovation Initiative to help inform policymakers about new products and services in the fintech space.

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CFPB Names Paul Watkins as Innovation Head

The Consumer Financial Protection Bureau (CFPB) has announced that Paul Watkins, a lawyer, will lead the agency’s newly created Office of Innovation. I am delighted that Paul Watkins is bringing his deep expertise, track record of protecting consumers and commitment to innovation to the Bureau, Acting Director Mick Mulvaney said in a press release.

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Why Regulators Must Be Conscientious When Tackling Fintech

Following a decade of exponential growth and considerable innovation in the fintech sector, it has finally begun to disrupt financial services on a global scale.

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Fed’s Powell Has Some Explaining to Do on Stress Test Move

When Federal Reserve Chairman Jerome Powell faces lawmakers this week, one big question will almost certainly be: Is the central bank playing favorites among the big banks? Sens. Elizabeth Warren, D-Mass.

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Financial Regulators Turn Watchful Eye to Cryptocurrency Market

Global financial regulators are now keeping an eye on cryptocurrencies like bitcoin, having published their framework for monitoring stability implications within the market. The framework was established to allow the Financial Stability Board, which helps G20 countries coordinate policy, to catch stability risks early, Reuters noted.

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New Layers of Regulation Should Promote Prepaid Growth

Innovation thrives in a regulatory landscape that gives organizations the confidence to try something new and bold. Yet, as legislation adding new layers of regulation to the prepaid and fintech market continues to be introduced-especially at the state level-lawmakers must identify pro-growth policies that continue to power our economy.

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New Fintech Rules Level the Regulatory Playing Field

Recent guidance from the Basel Committee on Banking Supervision setting global standards for the regulation of financial technology (“fintech”) companies is helping to level the regulatory playing field between fintech companies and credit unions as well as encourage fintechs to partner with credit unions and other depository institutions.

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The Future of the Payments Industry in a Post-GDPR and PSD2 World

In the aftermath of global privacy breaches like Equifax and Facebook, banks and financial technology companies are rethinking their approach to data security.

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CFPB’s Mulvaney Picks New Acting Deputy Director

The Consumer Financial Protection Bureau announced that Brian Johnson, who currently serves as principal policy director at the Bureau, will assume the responsibilities of acting deputy director. Brian Johnson is the first person I hired at the Bureau and has been an indispensable advisor, Acting Director Mick Mulvaney said in a press release.

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Dreams of Goldman Doing Big Takeover Meet Stress Test’s Reality

Almost 10 years after the financial crisis, Wall Street was starting to wonder aloud: Might Goldman Sachs or Morgan Stanley make a big acquisition? At Goldman, the question arose on a conference call in April, as analysts examined the firm’s ambitious plan to expand banking services for consumers.

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