India’s antitrust body opened an investigation into the Google Pay app, alleging it was abusing its market position and forcing developers to use it. India’s probe comes weeks after the U.S. Department of Justice (DOJ) filed an antitrust suit against Google for alleged illegal monopolization of the search and ad markets.
Read MoreThe Department of Justice (DOJ) filed an antitrust lawsuit in California challenging Visa’s planned acquisition of data aggregator Plaid.
Read MoreThe future of several critical financial industry issues hangs in the balance with the lack of a clear U.S. election result.
Read MorePersonal 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 $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 MoreU.K.-based challenger bank Revolut, which has 13 million customers, plans to apply for a banking license in California, CNBC reported.
Read MoreA 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 MoreThe 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 MoreAn 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 MoreThe 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 MoreIn 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 MoreNow, instead of just prosecuting big tech, Europe is looking to compete with them.
Read MoreIt seems the only thing Congress can agree on is its dislike of big tech.
Read MoreIn 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 MoreBig 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 MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
