News & Analysis as of

Regulatory Oversight Innovation FinTech

Carey Olsen

Bermuda leads the way on digital transformation

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The surge in adoption of digital technologies and AI is rapidly changing the business, investment and security environments. The global demand for improved and increased digital infrastructure capacity, resilience, speed and...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

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

Bradley Arant Boult Cummings LLP

Technology Boom in NC? What You Should Know About the Proposed Regulatory Sandbox in the Tarheel State

Technology is evolving and advancing at a dizzying pace across the globe. Emerging technologies are reimagining everything from how we interact with each other to how we interact with businesses and institutions. Given the...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

Ballard Spahr LLP

CFPB and Utah AG announce joint office hours in Salt Lake City as part of ACFIN

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The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN).  The joint office hours will be held on January 30, 2020 in...more

Ballard Spahr LLP

NYDFS Creates Research and Innovation Division and Prioritizes Fintech and Consumer Protection

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Linda Lacewell, the recently confirmed Superintendent of the New York Department of Financial Services, detailed in a recent interview that she will prioritize fintech and consumer protection. True to her word, NYDFS...more

Polsinelli

SEC’s FinHub Hosts Public Forum

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The Securities and Exchange Commission’s (“SEC”) Strategic Hub for Innovation and Financial Technology (“FinHub”) hosted an important public forum on Friday, May 31, 2019 at the SEC headquarters in Washington, D.C. ...more

Hogan Lovells

OJK regulates digital banking services

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The Indonesian Financial Services Authority (the OJK) will now manage the provisions of digital banking services by commercial banks through its recently issued regulation POJK 12/2018, effective 8 August 2018. POJK 12/2018...more

Ballard Spahr LLP

Online lending summit speakers discuss SPNB charters, CFPB trial disclosure policy, alternative data

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At the Online Lending Policy Institute’s (OLPI) annual summit in Washington, D.C. earlier this week, the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose...more

Ballard Spahr LLP

CFPB Collaborates to Create a Global Fintech Network with Regulators around the World

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Last week the CFPB announced an initiative to create a Global Financial Innovation Network (GFIN) with 11 other financial regulators and related organizations across the globe....more

Ballard Spahr LLP

Treasury Recommends Sweeping Regulatory Changes for Consumer Financial Services

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A report issued last week by the U.S. Treasury Department recommends sweeping regulatory changes intended to promote innovation in the consumer financial services market, reduce regulatory burdens on consumer financial...more

Robinson+Cole Data Privacy + Security Insider

U.S. Moves Ahead with Federal “Fintech Sandbox” — CFPB Announces Creation of Office of Innovation

In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of...more

Ballard Spahr LLP

Paul Watkins named Director of CFPB Office of Innovation

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Paul Watkins, who formerly was in charge of  fintech initiatives in the Arizona Attorney General’s office, has been named by Acting Director Mulvaney to serve as Director of the Bureau’s Office of Innovation....more

Polsinelli

FinTech Regulation is Not a Zero Sum Game

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Regulation and innovation is not a zero sum-game – that is what a Senior Advisor to the Chair of the Securities and Exchange Commission (the “SEC”) said at the Financial Industry Regulatory Authority’s (“FINRA”) inaugural...more

Troutman Pepper Locke

New OCC Bulletin on Third-Party Oversight Highlights Fintech Relationships

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On June 7, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2017-21 (Frequently Asked Questions to Supplement Bulletin 2013-29; Third-Party Relationships: Risk Management Guidance). This is the OCC’s...more

Cadwalader, Wickersham & Taft LLP

New York Seeks to Regulate Fintech Lending Market

New York is joining a small but growing list of states seeking to regulate the “bank-origination” method of online lending. The recently introduced New York Budget legislation would amend Section 340 of the New York...more

Polsinelli

A Potentially Promising Approach to Regulation of FinTech or Should the U.S. Adopt a Regulatory Sandbox?

Polsinelli on

The Office of the Comptroller of the Currency (“OCC”) recently published a proposal to bring emerging financial technology (“FinTech”) companies within the scope of the agency’s jurisdiction. The proposal is useful as part of...more

Orrick, Herrington & Sutcliffe LLP

National Bank Charters for Fintech Companies

"Technology-based products and services are the future of banking and the economy." "What excites me most about the changes occurring in financial services is the great potential to expand financial inclusion, reach...more

Bradley Arant Boult Cummings LLP

CFPB Sends Clear Message That FinTech Start-Ups Have Same Obligations as Established Companies

In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more

Ballard Spahr LLP

SEC to hold fintech innovation public forum

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The Securities and Exchange Commission has announced that it will host a public forum in Washington, D.C. on November 14, 2016 to discuss financial technology innovation in the financial services industry. The forum is...more

Ballard Spahr LLP

Congressman introduces fintech bill

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Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “Financial Services Innovation Act of 2016,” which is intended to provide a streamlined regulatory process for...more

Goodwin

OCC Hosts Forum on Responsible Innovation

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On June 23, 2016, the Office of the Comptroller of the Currency (OCC) hosted a daylong forum, “Supporting Responsible Innovation in the Federal Banking System.” The purpose of the forum was to encourage a dialogue among...more

Latham & Watkins LLP

How to Regulate New Financial Technologies While Supporting Innovation

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Office of the Comptroller of Currency publishes proposed framework for responsible innovation in federal banking. The Office of the Comptroller of Currency (the OCC or the Agency) recently published a whitepaper,...more

Bilzin Sumberg

Lenders & FinTech Companies Now Have an Opportunity to Shape Federal Regulation of FinTech

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On March 31, 2016, the Office of the Comptroller of the Currency (“OCC”) issued its much anticipated white paper on the role of financial technology (“FinTech”) in the financial services industry. The paper, titled Supporting...more

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