On The Web
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“COVID-19 has accelerated the digitization of everything from education to the workplace to grocery shopping . The financial services industry is no exception to this, with financial technology (fintech) playing a critical role in reducing coronavirus risks associated with exchanging cash , helping micro, small and medium enterprises (MSMEs) and supporting financial inclusion in developing […]
Japanese Online Retailer Rakuten Seeks U.S. Bank Charter
“Japanese online merchant Rakuten Inc. wants to open a bank in Utah to offer loans, credit cards and other financial services to customers of its existing U.S. cashback-shopping business, the company said Friday. “We’re going to focus on that customer base we already have,” said Lee Carter, the new head of banking development at Rakuten […]
IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holders
“The Internal Revenue Service has begun sending letters to more than 10,000 cryptocurrency holders, warning about penalties for failing to report income and pay tax on transactions involving virtual currencies. The agency expects its mailing to be completed by the end of August. It is sending three variations of one letter, depending on the information […]
Betterment Faces Questions From Regulator After Launching Checking and Savings Accounts
“Regulators have asked online wealth advisor Betterment to clarify some details surrounding its new checking and savings accounts just hours after they were launched. The digital wealth-management start-up unveiled new accounts that offer as much as a 2.69% annual yield. But Betterment was asked to provide more specifics to one of its regulators almost immediately […]
State regulators renew legal fight over federal charter for fintechs
“State bank regulators on Thursday sued a federal agency that they say is overstepping its bounds by offering national bank charters to financial technology startups. The Office of the Comptroller of the Currency, which oversees national banks, this summer finalized plans to put forward a limited charter for fintech companies, allowing those firms to operate across […]
‘Fintech Charter’ Has No Early Takers as Lawsuit Looms
“The lack of immediate interest from the likes of LendingClub Corp., Square Inc., and others comes in large part from uncertainty about what activities the Office of the Comptroller of the Currency’s so-called fintech charter will allow, what regulatory requirements it will carry, and whether it will hold up in court.”
Wells Fargo wholesale banking unit probed for fraud
“The US Justice Department is probing whether employees in Wells Fargo’s wholesale banking unit committed fraud. According to people familiar with the matter that spoke to the Wall Street Journal (WSJ), this latest development follows revelations that employees improperly altered customer information.”
Facebook: the new Credit Reporting Agency?
Iif Facebook is selling information about a consumer’s general reputation—trustworthiness—to third parties that might reasonably be expected to use it for credit, insurance, or employment, it’s a CRA, and that means it’s subject to a host of regulatory requirements as well as civil liability, including statutory damages for willful noncompliance.”
Bank of Uganda, telecom operators ask govt to rescind mobile money tax
“The Bank of Uganda and mobile phone operators have asked the government to scrap mobile money tax, saying mobile money revenue has dipped by more than UGX 600 billion since the introduction of the tax, The Observer reported. This reduction, they say, has affected revenue collection from Mobile Money transactions. Bank of Uganda director of […]
UK Payments Regulator To Probe Card Acquiring Market
“The PSR says the review will explore whether the supply of card-acquiring services is competitive and works in the interests of merchants, and ultimately consumers. In particular, it will address concerns that acquirers are holding on to the savings they made from EU-imposed IFR interchange fee caps, which could indicate that some merchants – especially […]