Election uncertainty leaves industry at a crossroads
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The future of several critical financial industry issues hangs in the balance with the lack of a clear U.S. election result.
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Fintech News Stories
SoFi wins OCC preliminary approval for banking charter
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Personal finance and lending fintech SoFi obtained a green light from Office of the Comptroller of the Currency (OCC) for its bank charter application three months after applying.
Read MoreVisa’s Plaid acquisition at risk amid scrutiny from U.S. Department of Justice
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Visa’s $5.3B acquisition of Plaid is facing scrutiny from the U.S. Department of Justice (DOJ), which filed a petition with a court demanding answers to a series of questions. The DOJ will assess whether the acquisition violates antitrust law.
Read MoreRevolut to apply for banking license in California
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U.K.-based challenger bank Revolut, which has 13 million customers, plans to apply for a banking license in California, CNBC reported.
Read MoreSuspicious transaction reports expose cracks in bank AML frameworks
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A Buzzfeed investigation on more than 2,100 suspicious activity reports banks filed with the U.S. Treasury Department’s Financial Crimes Enforcement Network reveals that over a period of nearly two decades, major institutions moved trillions of dollars for suspected terrorists, drug dealers, and corrupt foreign government officials.
Read MoreCFPB proposes to exempt some SME lenders from data collection rules
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The Consumer Financial Protection Bureau (CFPB) this week released proposals regarding SME lenders that could be exempted from data collection requirements under the Dodd-Frank Act.
Read MorePayments community considers impact of WeChat ban
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An Executive Order dated August 6 prohibits “any transaction that is related to WeChat by any person, or with respect to any property, subject to the jurisdiction of the United States.” It takes effect in 45 days of the Order, and includes digital payments through WeChat.
Read MoreCFPB to propose rules on access to consumer financial data
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The Consumer Financial Protection Bureau (CFPB) announced on Friday, July 26, that it will propose new rules on how third parties can access consumer financial records later this year.
Read MoreBrazil’s central bank shuts down WhatsApp payments
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In an embarrassing gut punch to Facebook, from the Brazilian central bank Tuesday suspended WhatsApp payments barely a week after the service launched in the country. The regulator said rolling out the payments service without prior analysis could damage the payments system from a competition, efficiency and data privacy point of view.
Read MoreEU Wants to Be a Data Powerhouse Too
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Now, instead of just prosecuting big tech, Europe is looking to compete with them.
Read MoreCongress Vs. Big Tech: The Next Round
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It seems the only thing Congress can agree on is its dislike of big tech.
Read MoreGoing Further Down the Data Privacy Trail
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In a recent panel talk at Davos (where else?), Salesforce’s co-CEO Keith Block advocated for a national data privacy law in the U.S.
Read MoreMore Tax Trouble for Big Tech?
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Big tech seems to be having some tax woes lately, from the efforts of EU antitrust authorities to recover what they say are tens of billion in back taxes to the new “digital tax” imposed by France and a court case that could impact multinationals.
Read MoreA Smart Regulatory Rule
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Smaller enterprises typically do not have the budgets that large organizations do, and thus have to come up with unique ways to compete in the marketplace. In this vein, the Department of Labor released what we think is a very smart rule this week.
Read MoreThe Costliest Data Breach Ever
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The 2017 data breach at Equifax, was one of the largest in history. Now it will go down as the costliest. While this all sounds well and good as a headline, we hope much of this money will go to affected consumers.
