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Regulation

CFPB Investigating U.S. Bancorp Over Consumer Sales Practices

“U.S. Bancorp is facing regulatory scrutiny over how it sells products to consumers. The $553.8 billion-asset company is under investigation by the Consumer Financial Protection Bureau regarding “certain of the company’s consumer sales practices,” according to a securities filing this week. The CFPB has been scrutinizing banks’ sales practices in the wake of Wells Fargo’s […]
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Regulation

SEC Chair Suggests Congress Regulate Crypto Exchanges – CoinDesk

“The $2 trillion cryptocurrency market needs more investor protection in the U.S., including possible regulations for crypto exchanges, Securities and Exchange Commission (SEC) Chairman Gary Gensler said Thursday. In his first public hearing since becoming the head of the federal securities regulator, Gensler said the SEC’s authority is restricted to securities and products or asset […]
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Regulation

Tech Giants Risk Squeezing Out Banks, French Watchdog Warns

“Payment services run by Apple Inc. , Google and Amazon.com Inc. may need monitoring as the tech giants’ largely unregulated financial products squeeze out those of banks, France’s competition authority warned. Big technology platforms “have the capacity to draw significant profits without being subject to regulatory constraints weighing on banks,” the authority said in a […]
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Regulation

FCA Planning Regulatory ‘nursery’ for Fintechs

“The FCA will unveil a regulatory ‘nursery’ for fintechs this Autumn, after taking on the Kalifa Review’s recommendation for a ‘scalebox’. Chancellor Rishi Sunak recently announced the regulator would be taking this work forward as part of Project Innovate to encourage the development of fintech companies.”
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Companies

China Fines Alibaba Record $2.75 Billion for Anti-monopoly Violations

“China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years. The fine, about 4% of Alibaba’s 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates China’s antitrust enforcement […]
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Regulation

Ex-SEC Chairman Clayton Warns of New Bitcoin Regulations – CoinDesk

“In an interview with CNBC’s “Squawk Box” posted Thursday, Jay Clayton, the former chief of the Securities and Exchange Commission, said bitcoin was not considered to be a security at the agency but this does not mean it should not be regulated. “Where digital assets land at the end of the day will be driven […]
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Regulation

CFPB Poised to Reinstate Tough Stance on Payday Lenders

“The Consumer Financial Protection Bureau is giving its clearest signal yet that a 2020 regulation easing standards for payday lenders is in jeopardy, despite efforts already in motion by the industry to implement the Trump administration rule. Acting CFPB Director Dave Uejio — appointed by the Biden administration to lead the agency following Kathy Kraninger’s […]
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Regulation

Illinois Moves to Create Special Charter for Digital Assets Trust

“Illinois may soon become the second state in the nation — and the biggest — to create a new banking charter that lets special trusts hold digital assets, including cryptocurrencies. The Illinois House committee on Financial Institutions on Tuesday unanimously passed a bill to create the new charter for “special purpose trust” companies, potentially putting the bill […]

On The Wires

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Regulation

Federal Reserve Board Invites Public Comment on Proposed Changes to Regulation II Regarding Network Availability for Card-not-present Debit Card Transactions and Publishes a Biennial Report Containing Summary Information on Debit Card Transactions in 2019

“The Federal Reserve Board on Friday invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing) to clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases. The Board views these clarifications of […]
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Regulation

CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020 | Consumer Financial Protection Bureau

“Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB. The CFPB handled approximately 542,300 complaints last year—a nearly 54% increase over the approximately 352,400 complaints […]