News Topic: Fintech regulations

Senior leaders at the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said they want examiners to be more understanding of the budding partnerships forming between banks and fintech firms. ... Read full article

The online retailer wants to offer customers checking accounts but won’t become a bank; Quarles says the rule is too complex and “not working well.” ... Read full article

The negotiations between Amazon and big banks like JPMorgan Chase and Capital One to offer a checking-account-like product pose significant questions for regulators about the e-commerce giant pushing further into the banking space. ... Read full article

State-level support will give the digital assets industry much needed footing, said Caitlin Long, a former managing director at Morgan Stanley. ... Read full article

A top Treasury Department official on Monday said the administration's forthcoming report on regulating nonbanks will tackle questions around financial technology companies and whether they need to be regulated more like banks. ... Read full article

A former executive at SunTrust has joined Cardlytics Inc. to help the company expand its partnerships with other banks. ... Read full article

House legislation to reverse a federal court decision on state interest rate caps would increase access to credit, not expand predatory lending as critics have argued. ... Read full article

A decision by the Federal Deposit Insurance Corp. — soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers. ... Read full article

The bureau’s policy of “no-action letters,” which offer some regulatory cover to participants, has failed to attract much interest from financial startups, suggesting change is needed. ... Read full article

The Financial Conduct Authority is seeking input on whether it should expand its fintech testing ground to include startups and regulators from around the world. ... Read full article

The legislation, introduced by Rep. Patrick McHenry, R-N.C., would essentially reverse a court ruling that marketplace lenders say has blocked them from helping more consumers access credit. ... Read full article

Lawmakers should reject a dangerous bill — scheduled for a House vote this week — that could make it easier for payday lenders to flourish. ... Read full article

Fintech firms and industry watchers hope the pilot program will help fix a balkanized chartering system, but getting enough states on board to expand the plan's reach could be a challenge. ... Read full article

A three-judge panel for the D.C. Circuit Court of Appeals has sided with the LSTA in its lawsuit seeking to reverse rules requiring CLO managers to hold "skin in the game" under Dodd-Frank. ... Read full article

The move is mainly in response to fintech firms that have long argued that the main route to doing business is by getting a license in each state, which can be a cumbersome and repetitive process. ... Read full article

The few U.S. banks embracing data sharing say the industry is moving toward the standard. ... Read full article

Regulatory scrutiny of Tether and Bitfinex is spooking investors, though others argue the industry remains strong. ... Read full article

The House Financial Services Committee held a hearing Tuesday on the fintech industry as Congress is still beginning the conversation about what a legislative approach should look like. ... Read full article