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Regulation

Cryptocurrency Exchanges Huobi, OKCoin Dissolve Beijing Subsidiaries Amid Crackdown

July 27 2021

“The operators of cryptocurrency exchanges Huobi and OKCoin are closing their respective subsidiaries in Beijing, dealing another blow to investors in bitcoin and other digital tokens in mainland China amid the latest crackdown on this sector. Beijing Huobi Tianxia Network Technology Co applied last Thursday to cancel the company’s registration after its “resolution of dissolution”. […]
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Regulation

Oman to Make It Mandatory for All Merchants to Accept Cashless Payments

July 27 2021

“The Omani Ministry of Commerce, Industry and Investment Promotion (MoCIIP) is making the acceptance of cash-free payments mandatory as part of a plan to reduce the amount of cash circulating in the country. “The first phase of rolling out cashless payment options will cover all activities in industrial areas, shopping complexes, commercial establishments, gift stores, […]
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Regulation

WSJ News Exclusive | Low-Income Lending Rules Set for Broad Overhaul

July 20 2021

“Top U.S. banking regulators are expected as early as Tuesday to commit to jointly modernize rules governing how banks lend hundreds of billions of dollars annually in lower-income communities, according to people familiar with the plans. At the same time, officials are expected to propose scrapping a Trump-era overhaul of the rules that had divided […]
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Regulation

EU to Tighten Rules on Cryptoasset Transfers

July 20 2021

“Companies that transfer bitcoin or other cryptoassets must collect details of senders and recipients to help authorities crack down on dirty money, EU policymakers proposed on Tuesday in the latest efforts to tighten regulation of the sector. The law proposed by the European Commission, the EU executive, would apply what is known as the travel […]
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Providers

What Biden’s Data Portability Push Means for Banks

July 13 2021

“How much of an effort this will require banks to make from a technology and business point of view will depend on the rules the CFPB writes. The agency could validate the current state of consumer data sharing in the U.S., in which aggregators pull data out of banks and give it to fintechs on […]
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Global

China Says Measures Applied to Ant Group to Be Imposed on Other Payment Firms

July 12 2021

“China’s central bank said on Thursday that anti-monopoly measures applied to e-commerce giant Alibaba’s (9988.HK) financial technology affiliate Ant Group will also be imposed on other payment service companies. China suspended the planned $37 billion listing of Ant Group in November amid growing concerns over banks using third-party technology platforms like Ant for underwriting loans […]
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Regulation

Recent Analysis of Consumer Financial Protection Bureau Data Shows Exponential Increase in Fintech and Crypto Complaints to CFPB

July 9 2021

“Data intelligence company Morning Consult recently analyzed consumer complaints made to the Consumer Financial Protection Bureau (CFPB). The analysis showed that fintech and crypto-related complaints made by consumers to the CFPB “exploded” in early 2021 compared to the same period in 2020. Our clients should be aware that the sharp increase in fintech and crypto […]
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Regulation

Clash Over Debit Card Routing Persists in Comments to Fed

July 8 2021

“Clashing comments have gushed into the Federal Reserve in the past two months over its proposal to clarify rules on the routing of debit card transactions, and they show familiar battle lines being drawn. The Fed in May proposed a clarification of existing rules requiring that debit card issuers ensure that at least two unaffiliated […]

On The Wires

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Regulation

Financial Action Task Force Identifies Jurisdictions With Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies | FinCEN.gov

July 6 2021

“The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies.  FinCEN previously […]