On Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read MoreFrom cannabis to cryptocurrency, the future of fintech lies in the hands of regulators. Find out how alternative payments rails, smart contracts, and securities enforcement can potentially change everything.
Read MoreThe billion-dollar startup, which wants to distribute cryptocurrency to every human being by imaging their eyes, recently suspended operations in at least seven countries. It’s now delayed its launch date for a second time.
Read MoreThe trading platform’s new offering would let users generate passive income by loaning out their stocks to other financial institutions. It’s set to roll out in the first half of 2022, according to a Robinhood spokesperson.
Read MoreThe global payments firm launched a new brokerage payments solution that lets international FIs settle transactions with certain U.S. brokerages. This system is up to 90% cheaper for customers than SWIFT.
Read MoreYesterday, President Biden signed the Cyber Incident Reporting For Critical Infrastructure Act of 2022. The law shortens reporting timelines for cybersecurity incidents and names the Cybersecurity and Infrastructure Security Agency (CISA) as the leading government body for enforcement.
Read MoreIn late February, the Consumer Finance Protection Bureau (CFPB) released updated “Rules of Practice for Adjudication Proceedings.” The amended process lets the CFPB avoid backlogged federal courts in favor of administrative courts.
Read MoreIndian regulators have forced the country’s payments giant to pause the onboarding of new customers during an IT audit. This is the second time Paytm has faced such a ban in five years.
Read MoreOn Thursday, Stripe CEO John Collison announced that Stripe is re-entering the crypto space. FTX US said it will use Stripe to automate KYC processes, approvals, and crypto purchases from debit cards and ACH transactions.
Read MoreThe People’s Bank of China (PBOC), the country’s central bank, may levy record fines against Tencent’s WeChat Pay for failing to comply with KYC and AML regulations. The PBOC discovered these violations during an inspection of the company in 2021.
Read MoreSilent Eight, a Singapore-based financial crime prevention firm, announced yesterday that it had raised $40M in Series B funding. HSBC and Standard Charter’s venture wings were listed as investors.
Read MoreLBRY, a blockchain-based file sharing and payment network, has been the subject of a yearslong case by the Securities and Exchange Commission (SEC). The government body claims that LBRY’s token, LBC, is a security.
Read MoreReal-time payments provider ACI Worldwide announced these new digital payments options for U.S. federal taxpayers, not for state filings. ACI is the first platform to offer tax payments through Venmo.
Read MoreToday, President Biden issued an “Executive Order on Ensuring Responsible Development of Digital Assets.” The order calls for a holistic approach to crypto across government branches, while also protecting consumers, minimizing volatility, safeguarding national security, and expanding financial inclusion efforts.
Read MoreAgrotoken, an Argentinian startup tokenizing grain by the ton through cryptocurrency, announced that its soy-, corn- and wheat-backed coins will be accepted as collateral by Santander. Agrotoken has also launched a 1,000-farmer test with Santander.
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.
