On The Web

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Regulation

Don’t Subject Stablecoins to New Rules, Crypto Lobby Tells U.S. Regulators

October 20 2021

• in
• Stablecoin

“Asset-backed stablecoins do not pose a systemic risk to the U.S. financial system and should not face a new set of rules, a major cryptocurrency lobby group told U.S. regulators on Monday, as tighter oversight of the fast-growing technology looms. Stablecoins – digital tokens usually backed by reserves of dollars or assets from gold to […]

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Regulation

Stablecoins Added to Agenda of U.S. Financial Stability Watchdog

October 8 2021

• in
• Stablecoin

“Stablecoins have become official business of the Financial Stability Oversight Council, the U.S. uber regulator responsible for heading off dangers to the financial system. The FSOC is considering the cryptocurrencies at its next meeting, according to an agenda released Friday.  The group of financial regulators is set to hear “an update on the report on […]

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Regulation

What Can Payments Execs Expect From Chopra’s CFPB? ‘Very Aggressive Regulating,’ Say Some

October 4 2021

“Payments observers are expecting a tougher regulatory approach from the Consumer Financial Protection Bureau with the confirmation on Thursday of Rohit Chopra as executive director of the 10-year old federal agency. “The agency will likely return to the days of director Cordray,” predicts one close observer who asked not to be named. Richard Cordray served […]

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Regulation

WSJ News Exclusive | Biden Administration Seeks to Regulate Stablecoin Issuers As Banks

October 4 2021

“The Biden administration is considering ways to impose bank-like regulation on the cryptocurrency companies that issue stablecoins, according to people familiar with the matter, including prodding the firms to register as banks. The administration is also expected to urge Congress to consider legislation to create a special-purpose charter for such firms that would be tailored […]

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Regulation

Card Issuers Resisted Slashing Credit Limits During Pandemic: CFPB

October 1 2021

• in
• CFPB
• Issuing
• Lending

“In a shift from the previous U.S. economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. The report, one of the most extensive analyses of credit card trends during the pandemic, found a significant tightening of […]

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Regulation

Can Regulators Keep Pace With Fintech Innovation?

September 30 2021

“Digital payment products and alternative credit took off rapidly during the pandemic — and while they may have outpaced regulation, these technologies did not escape regulators’ notice. New fintech and payment services are likely to face tougher rules under the Biden administration, but the market is moving so fast that regulators can’t keep up, according […]

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Regulation

Alibaba Offers WeChat Pay on Some Apps at Beijing’s Behest

September 28 2021

“Alibaba Group Holding Ltd. added rival Tencent Holdings Ltd. ’s payment system to some of its apps, further widening cracks in the internet giants’ walled-off ecosystems. Services including food-delivery app Ele.me, online ticketing platform Damai, e-book reader Shuqi and Kaola, a site for imported goods, now offer WeChat Pay alongside existing payment options like Ant […]

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Regulation

China’s Central Bank Says All Cryptocurrency-related Activities Are Illegal, Vows Harsh Crackdown

September 24 2021

“China’s central bank renewed its tough talk on bitcoin Friday, calling all digital currency activities illegal and vowing to crack down on the market. In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges […]

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Regulation

Ant to Fully Share Consumer Credit Data With China’s Government

September 22 2021

“Credit data generated by Ant Group Co.’s popular consumer lending service will be fully integrated into a government credit-reporting system, a significant step in a continuing effort to bring the financial-technology giant into line with Chinese regulators’ priorities.”

On The Wires

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Regulation

Regarding the CFPB’s Inquiry into Big Tech Payment Platforms

October 21 2021

• in
• CFPB

“Congress has tasked the CFPB with ensuring that markets for consumer financial products and services are fair, transparent, and competitive. To that end, it has authorized the CFPB to require participants in the marketplace to provide information that help the Bureau monitor risks to consumers and to publish aggregated findings that are in the public […]