News Topic: Regtech

The rise of Uber, Lyft, Etsy, Kaggle and other forms of freelance work has sparked a new generation of specialist fintechs. ... Read full article

A group of state regulators has signed off on 14 recommendations, developed by the fintech industry, aimed at streamlining multistate licensing and supervision. ... Read full article

Despite complaints about the slow pace of change within government, policymakers, including agency heads, are increasingly focused on modernizing regulation, an important step forward for the industry. ... Read full article

Brian Knight at George Mason University says fintechs will be held accountable for legal violations in sandboxes — and banks can use sandboxes, too. ... Read full article

Fintechs are developing data-crunching, automated products that seek to help banks precisely calibrate capital levels. The banks' goal is to pass stress tests while maximizing returns to investors. ... Read full article

The strategies to foster innovation are changing to emphasize cost-effective effort and granting fintechs more control over development. ... Read full article

Technology-driven systems aren’t enough to root out anti-money-laundering violations. Congress should consider creating a program that would encourage those with knowledge of illegal behavior to come forward. ... Read full article

The coming year will bring a wave of data-sharing deals between banks and fintechs, increased bank use of automated advice, marked changes to financial jobs as a result of automation, and much more. ... Read full article

The New Jersey bank is offering fintechs ways to stay compliant with consumer protection regulations. ... Read full article

Bank and credit union regulators issued a statement giving institutions the go-ahead to try artificial intelligence and other emerging tech to detect money laundering. It's just what some institutions have been waiting for. ... Read full article

The Omidyar Network has invested in five challenger banks. Tilman Ehrbeck, who is leading its financial inclusion efforts, says the firm will invest more in apps for gig workers and retirees next year. ... Read full article

Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers. ... Read full article

Instead of focusing on testing grounds for fintech startups, regulators should develop initiatives to improve their own oversight and compliance technologies. ... Read full article

Jelena McWilliams has signaled a thaw in the agency’s approach to industrial loan companies, but she said tech firms and other nonbanks seeking charters should face the same level of regulatory scrutiny as more traditional banks. ... Read full article

The bank, one of the few that do business with digital currency exchanges like Coinbase, has developed methods for monitoring all customers’ digital currency purchases. ... Read full article

Crowdsourced cybersecurity is making inroads into the world of big banks, even though there is a risk bad actors will exploit the opportunity. ... Read full article

Banks should work to shield some customers who may otherwise be flagged or blocked by AI-powered safeguards, and consider using alternative data to expand services to the underbanked. ... Read full article

Regtech — the intersection of regulatory compliance and financial innovation — is still taking shape in the U.S with some pushing for "tech sprints" to speed the development of new tools, while some see new threats and opportunities looming in ... Read full article