BankThink

The Office of the Comptroller of the Currency's recent white paper is a great first step in promoting innovative collaboration between banks and fintech, but companies need clearer guidelines on what regulators expect of them.

Receiving Wide Coverage ... Swift Attack: Swift has reported a second attack involving its messaging system, this time targeting an unidentified commercial bank. Details emerged as investigators continue trying to solve the $81 million cyberheist involving the New York Fed and the Bangladesh central bank. This second attack suggests those behind it were sophisticated in their strategy and did not depend on weaknesses in the Swift system. In both incidents the thieves had at least oneÂ...

Small-scale financial services companies such as storefront lenders and local money transmitters which use technology should have a choice of whether they are regulated by a state or federal regime.

Ideas on the table for ending the too-big-to-fail problem won't work, so the only solution is a "leverage" ratio and continuous exams to ensure big banks never get in trouble in the first place.

Receiving Wide Coverage ...

Here Comes the Fintech Regulation…: The U.S. Treasury Department released a paper Tuesday urging the need for greater transparency in the online lending industry through stronger regulatory oversight. The FT cited it as the first attempt by a U.S. regulator to produce a framework for an industry that emerged during the financial crisis. That marketplace lenders and other fintech companies are subject to far less regulatory scrutiny compared to legacy financial institutions...