The Consumer Financial Protection Bureau said it would carry out supervisory exams of nonbank fintech companies that pose a risk to consumers. The CFPB has had the authority to look into nonbanks since 2013, but it’s only decided to invoke that authority now.
Read MoreAnalysis by The Markup, a data-driven newsroom covering Big Tech, suggests Utah’s decision to move payday disputes to online courtrooms has increased default judgments against defendants. Defaulting on these loans can lead to garnished wages and a lower credit score.
Read MoreAmazon announced that it had added Amazon One—which lets customers pay with their palm print—to the checkout process at a Whole Foods store in Austin, Texas. It’s one of the first Amazon-owned stores outside Seattle to have the feature.
Read MoreIn a memo to staff, Mastercard CEO Michael Miebach said all employees’ compensation would be tied to the company’s ESG goals. This had previously only been the case for Mastercard executives.
Read MoreAdam Willems, Lead Reporter for The Financial Revolutionist, wrote about the future of taxes for WIRED. Looking at crypto’s efforts to tokenize city taxes, Adam argues that crypto is trying to turn taxes into another investment vehicle.
Read MoreAccording to PwC, 80% of central banks worldwide are considering rolling out a central bank digital currency (CBDC). PwC estimates the larger stablecoin ecosystem to be worth $190B.
Read MoreFIBR Tech Ltd., which provides online lending to businesses, and ANNA Money, a business account and admin service provider, have announced searches for new buyers. Both businesses are currently owned by ABH Holdings, which includes sanctioned Russian billionaires as its owners.
Read MoreInvestigative work by the New York Times revealed that lawmakers in at least six states have worked directly with crypto lobbyists to draft legislation. Some bills copy-paste wording directly from lobbyists’ proposals.
Read MoreIn a letter to Wells Fargo, the New York City government said it won’t open new Wells Fargo depository accounts. It follows accusations that the bank discriminates against Black homeowners.
Read MoreThe PAVE report could drastically change how homes are bought and sold in the U.S. and address a long history of discrimination against minority homeowners—especially if PAVE’s recommendations are codified into law. That’s a big if when Congress has a hard time agreeing on, well, almost anything.
Read MoreThe National Payments Corporation of India, which maintains the country’s Unified Payments Interface (UPI), released a voluntary statement saying it did not know of any crypto exchange using UPI. This came after Coinbase announced its launch in the country featuring UPI support.
Read MoreInternal memos suggest Meta, which owns Facebook, has plans to add virtual coins, tokens, and lending to its apps. This includes “social” or “reputation” tokens that reward substantive contributions to Facebook groups.
Read MoreYesterday, the 5th U.S. Circuit Court of Appeals reinstated two counts in an antitrust suit against Visa related to its debit card fees for payment processing networks. The plaintiff, Pulse Network LLC, argues that Visa’s fixed monthly fees for using its debit network encouraged payments processors to favor Visa over other card networks.
Read MoreThe rideshare giant said it will soon add plane, train, and rental-car booking to its app in the U.K. It also said it may scale these services beyond the U.K. if the new services gain traction.
Read MoreThe financial giant said it would temporarily halt public offerings through special purpose acquisition companies (SPACs). It’s concerned about increased oversight into SPACs from the SEC, which has yet to solidify specific guidelines.
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.
