News & Analysis as of

Banking Sector Innovation

Orrick, Herrington & Sutcliffe LLP

Fed’s Barr speaks on fintech-bank partnerships, generative AI

On April 4, Fed Governor Michael S. Barr spoke at the Federal Reserve Bank of San Francisco about how banks and fintech companies can work together to accelerate the adoption of generative AI in financial services....more

Barnea Jaffa Lande & Co.

The Bank of Israel released a preliminary Digital Shekel design for public comment – a real opportunity for competition and...

Last week, the Bank of Israel published a preliminary design of the central bank’s Digital Shekel system. In a detailed document, holding more than 100 pages, the Bank of Israel presents guiding principles and a work plan for...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 57: Opening a Path for New Bank Formations

The Klaros Group’s Michele Alt joins Orrick partners Jerry Buckley, Caroline Stapleton and Walt Zalenski to explore actions needed to facilitate new bank formations, which have slowed to trickle in recent years. The...more

K2 Integrity

Why Traditional Banks Keep Failing At Fintech

K2 Integrity on

Yet another bank-led fintech venture has shut down within a year of its launch. HSBC’s Zing, a payments app, failed to gain traction beyond its initial market and was discontinued. Despite ambitious plans to expand across two...more

Davis Wright Tremaine LLP

"Operation Chokepoint 2.0": De-banking policies and the adverse use of reputational risk in bank supervision

As we have previously noted, we expect that the second Trump Administration will be significantly more favorable to crypto than the Biden Administration, especially with the recent appointment of David Sacks as the...more

Orrick, Herrington & Sutcliffe LLP

Fed governor says transparency is key for promoting innovation in the banking system

On March 14, Federal Reserve Governor Michelle W. Bowman presented thoughts on innovation trends within the U.S. financial system during a conference held by the Independent Community Bankers of America. ...more

Davis Wright Tremaine LLP

Stablecoins: Promoting Innovation While Addressing Risks

Our team is pleased to announce an important publication on crypto developments and future stablecoin regulation in the United States. Here we provide a brief overview of stablecoins, outline various risks and policy concerns...more

Orrick, Herrington & Sutcliffe LLP

Blade Runner and the Non-Possessory Pledge

Nexus 6 is an android. Smarter, stronger and faster than any human being. At least in the film version, which Philip Dick was not entirely happy with. The cinematic adaptation of his novel Do Androids Dream of Electric...more

Hogan Lovells

Bank of Italy initiatives on Artificial Intelligence in the banking, financial and payment sector

Hogan Lovells on

Bank of Italy launched initiatives regarding the use of Artificial Intelligence for innovating the banking, financial and payment sector and complaints handling....more

Davis Wright Tremaine LLP

[Webinar] FinTech Innovation at California’s Newest Financial Regulator: A Discussion with Christina Tetreault, head of the Office...

The California Department of Financial Protection and Innovation (DFPI) aspires to be a "premier financial regulator and national model for consumer protection.” Integral to its strategy is the Office of Financial Technology...more

BCLP

Vetting FinTechs as Business Risk Partners: OCC Bulletin

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Innovation is a key to competitive advantage and keeping pace with consumer digital banking preferences. Increasingly, banks are engaging the services of fintech’s who can deliver certain information and services in a more...more

Clark Hill PLC

Credit Eco to Go Podcast: Creating a Voice for Fintechs

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Congress, the states, and regulators have been scratching their heads for years when it comes to fintechs. Balancing consumer protection around innovation has been the source of contentious debate. Podcast host Joann...more

A&O Shearman

UK Law Commission Announces Projects on Accommodating Smart Contracts and Digital Assets into English Law

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The U.K. Law Commission has announced two new projects designed to ensure that English law is able to accommodate smart contracts and digital assets....more

Goodwin

Fintech 2020: A Global Survey on the State of Financial Technology

Goodwin on

Letter from Our Co-Chairs - As the digital transformation of financial markets accelerates at breakneck speeds, fintech presents significant opportunities and challenges for both investors and innovators around the world. ...more

Jones Day

Facilitating Transatlantic Fintech Innovation and Cooperation: The New MOU Between the NYSDFS and the French ACPR

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The Situation: From both sides of the Atlantic, United States and French financial authorities are keen to facilitate technology innovations in the financial sector. Beyond having set up dedicated teams to focus on the...more

Goodwin

Financial Services Weekly Roundup: The OCC Proposes New Rulemaking And Changes To Address Innovation And Consumer Needs

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) released an advanced notice of proposed rulemaking seeking comments on several issues related to digital technology and innovation, as well as proposed...more

Nutter McClennen & Fish LLP

Fintech in Brief: New Acting OCC Comptroller Continues to Prioritize Innovation as OCC Proposes Rules on Digitizing Banking

On May 29, 2020, Joseph Otting stepped down as Comptroller of the Currency, and Brian Brooks was named Acting Comptroller. In his opening remarks, Acting Comptroller Brooks outlined his priorities, the first of which...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2019

Headlines - FDIC Adopts Final Rule Establishing Community Bank Leverage Ratio Framework OCC Issues Compliance Guidance on Registered Appraisal Management Companies CFPB Announces New Policies to Promote Innovation...more

Sheppard Mullin Richter & Hampton LLP

New York’s Department of Financial Services: the Self-Styled “Regulator of the Future”

Under its new leader, the New York Department of Financial Services (“DFS”) has staked out high ground for itself by self-identifying as the “regulator of the future” DFS’s pronouncement came in a July press release issued...more

A&O Shearman

Bank for International Settlements to Establish Innovation Hub for Central Bank Financial Technology

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The Bank for International Settlements has announced it will establish an innovation Hub to encourage international collaboration on innovative financial technology for central banks. The Hub's purpose will be to: (i)...more

Nutter McClennen & Fish LLP

Fintech in Brief: OCC Singles Out Financial Innovation as Special Risk Topic

On May 20, the OCC published its Semiannual Risk Perspective, Spring 2019 and singled out financial innovation and rapid developments in Fintech as a special topic in emerging risks to the banking industry. This is the first...more

Bradley Arant Boult Cummings LLP

Proposed Updates to Alabama Business Tax Laws: Summary of the Financial Institution Excise Tax Reform Act of 2019 and Alabama...

Two landmark bills were introduced in the Alabama Legislature on April 11, potentially affecting numerous businesses in the state. Committees of the House of Representatives are expected to consider the Financial Institution...more

Kilpatrick

Wyoming Becomes Second State to Create Fintech Regulatory Sandbox

Kilpatrick on

On February 19, Wyoming Governor Mark Gordon signed HB 57, which creates a regulatory sandbox program in the state for companies to test innovative financial products and services. Wyoming becomes the second state in the...more

Davis Wright Tremaine LLP

State of Regulation: Focus on FinTech

On Thursday, November 8, DWT FinTech team co-leader Andy Lorentz took part in the Commerce.Innovated Class 8 Demo Day in New York City. Andy led a discussion on legal developments in FinTech, with a focus on federal...more

Clark Hill PLC

Innovation: Opening the Door for Regulatory Engagement

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Since Donald Trump took office the hot topic has been “deregulation”. However, contradicting this ideal are efforts by financial regulators to incorporate the use of financial technology by financial institutions and fintech...more

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