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Regulation

U.S. State Banking Regulators Drop Lawsuit Over Fintech Charters

January 14 2022

“A group of U.S. state banking regulators dropped its lawsuit seeking to block the federal government from granting bank charters to fintech companies on Thursday, after the company that was first in line modified its business plan. The Conference of State Bank Supervisors (CSBS) sued the U.S. Comptroller of the Currency (OCC) in 2020, arguing […]

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Regulation

CFPB Likely to Punt Data-Sharing Rule Into 2023

January 13 2022

“The Consumer Financial Protection Bureau is more than a year away from releasing a long-awaited proposal on consumers’ right to control their own financial data, far later than many had expected, according to people familiar with the bureau’s thinking. The rule has been hotly anticipated because it would address the ability of aggregators and other […]

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Regulation

Government Report Suggests Tightening Regulations on Crypto ATMs

January 12 2022

• in
• Cryptocurrencies

“The use of crypto payments to facilitate illegal human and drug trafficking is rising, and the Government Accountability Office (GAO) is blaming crypto kiosks. In a new study released Monday, the GAO – a government agency that provides auditing and investigative services for Congress – highlighted that the kiosks, also called crypto ATMs, were partly […]

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Regulation

NYDFS Raises Concerns With CFPB’s Small Business Loan Data Collection Proposal

January 12 2022

“On January 6, NYDFS issued a comment letter responding to the CFPB’s Notice of Proposed Rulemaking (NPRM), “Small Business Lending Data Collection under the Equal Credit Opportunity Act (Regulation B).” The NPRM—mandated under Section 1071 of the Dodd-Frank Act—would require a broad swath of lenders to collect data on loans they make to small businesses, […]

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Regulation

UK financial regulators to step up scrutiny of cloud computing giants

January 10 2022

“UK financial regulators are preparing to step up their scrutiny of cloud computing providers amid growing fears that an outage or hack of their services could severely disrupt a banking system increasingly reliant on them. The Prudential Regulation Authority is exploring ways to access more data from cloud providers Amazon, Microsoft and Google, including on […]

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Regulation

Does CFPB Rebuke of Credit Bureaus Portend Tougher Rules?

January 7 2022

“The Consumer Financial Protection Bureau slammed the nation’s credit reporting bureaus over their handling of complaints in a report that could serve as a precursor to stricter oversight of the industry. The CFPB said that Equifax, Experian and TransUnion often fail to help consumers resolve issues or to give them adequate responses. The consumer agency […]

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Global

India Investigates Apple’s Payment Rules for Antitrust Violations

January 4 2022

“The Competition Commission of India is investigating whether Apple’s requirement that developers use its own in-app payment system is illegally harmful to competition. The CCI probe is expected to be complete within the next 60 days and is based on a concern that Apple’s payment rules deprive developers of their choice of a payment processing […]

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Regulation

Zelle Is Surprise Lightning Rod in CFPB’s Big Tech Inquiry

January 3 2022

“The Consumer Financial Protection Bureau’s review of payment platforms has been focused on Silicon Valley technology giants. But the effort is also now highlighting fraud concerns about a bank-owned network: Zelle. In October, the CFPB announced an inquiry into Big Tech payment systems, ordering six of the largest tech firms to provide information about the […]

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Regulation

CUNA Supports CFPB’s Probe Into Tech Companies Payment Practices – Financial Regulation News

January 3 2022

“The Credit Union National Association (CUNA) has expressed support for the Consumer Financial Protection Bureau’s (CFPB) inquiry into technology companies’ payments practices. In a Dec. 20 letter to leadership at the CFPB, CUNA strongly encourages the bureau to examine and regulate those entities moving forward. Specifically, CUNA voiced concerns about the potential of technology companies […]

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Regulation

Treasury Says New Law Only Way to Fully Contain Stablecoin Risks

December 20 2021

• in
• Digital currencies

“The U.S. Treasury’s top official for financial oversight said government regulators need action from lawmakers to adequately protect investors — and the wider financial system — from risks posed by stablecoins. “If Congress does not enact legislation, the regulators will try to use what authority they have,” but they will be left without sufficient oversight […]