News Topic: Fintech regulations

PNC's Todd Barnhart, incoming Consumer Bankers Association chair, says the group is concentrating on the impending process of modernizing the Community Reinvestment Act among other issues that do not require action on Capitol Hill. ... Read full article

Concentration risk, threats to data privacy and the potential for discrimination are among the unintended consequences of letting fintechs and tech giants dabble in financial services without bank-like regulation, an expert says. ... Read full article

The OCC required the company to raise more capital and complete a CRA plan. Varo Bank still needs FDIC and Fed approval before opening. ... Read full article

The agency is seeking public comment on how to reform the Community Reinvestment Act — a big step forward without the Fed or the FDIC on board. ... Read full article

An OCC charter for fintechs requires firms to meet a “financial inclusion” standard instead of conventional Community Reinvestment Act requirements. That’s a problem. ... Read full article

Thibault Fulconis recently became CFO of the digital banking venture Varo Money, which has applied for a national bank charter. ... Read full article

To compete with fintech startups, banks need to find more ways to use the mountains of data already at their disposal. ... Read full article

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary. ... Read full article

Rep. Emanuel Cleaver, D-Mo., released a survey of lending practices that he said point to practices such as forced arbitration clauses and extracting a customer’s credit score to determine creditworthiness. ... Read full article

Readers respond to how the industry is donating ahead of the midterms, weigh in on a push to apply CRA-like standards to fintechs, react to a controversial decision by a California court and more. ... Read full article

The Community Reinvestment Act can lower — not increase — bank credit availability in some low-income regions, and the OCC should reconsider holding fintechs to the same standards with its new charter. ... Read full article

All five are Republicans and they include senior House GOP leaders, contenders to head the Financial Services Committee and strong voices in favor of regulatory relief. ... Read full article

Capital One's dispute with Plaid raised questions about the ability of banks and aggregators to work together. But the end of that fight, and Capital One's deal with Finicity, show common ground can be reached — eventually. ... Read full article

The agency’s move to offer a national charter for fintech firms will undermine state authority and give certain firms an unfair advantage. ... Read full article

A week after the Treasury Department laid out a plan for federal fintech regulation, it is already unclear which agency is leading the charge. ... Read full article

The bureau announced the creation of the Global Financial Innovation Network for regulators to discuss joint policy work and offer a cross-border product testing process. ... Read full article

The agency’s decision to offer special-purpose charters for fintech companies raises questions about how those institutions will be overseen and the risks they could pose to the system. ... Read full article

The bureau wants to encourage more innovation without the threat of enforcement, but observers say regulators also need a testing ground to prove they can regulate fintech. ... Read full article