CFPB Monitor

MAY 25, 2023

As the financial services industry continues to monitor the proceedings in Community Financial Services Association of America v. Continue Reading

Groups 78

Groups Industry Regulation National 78

PYMNTS

NOVEMBER 13, 2020

As government regulators in China increase tech industry oversight, Tencent said it will comply with new laws intended to curb antitrust activities and tighten FinTech acceleration, according to a Bloomberg report on Friday (Nov. The regulators are looking more closely at transaction-based platforms, Lau said, per Bloomberg.

Regulation 227

Regulation social media Video Groups 227

PYMNTS

JANUARY 1, 2021

If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.

Regulation 352

Regulation social media Course Apple 352

PYMNTS

NOVEMBER 23, 2020

A recent report released by the United Nations found that 132 out of 194 countries have now introduced data protection regulations of some kind, all varying in terms of what type of information they protect and the severity of their restrictions. Around The Data Protection World.

Industry 298

Industry Regulation Data Study 298

American Banker

OCTOBER 22, 2024

While trade groups representing Oklahoma banks argue the failure of Oklahoma-based First National Bank of Lindsay is an isolated incident, some in the industry say it may be a sign of more collapses to come.

Oklahoma 86

Oklahoma National Groups Industry 86

CFPB Monitor

JUNE 25, 2020

The OCC has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comments in connection with a comprehensive review of its regulations on electronic activities of national banks ( 12 CFR part 7, subpart E ) and federal savings associations ( 12 CFR part 155 ). Comments on the ANPR must be received by August 3, 2020.

National 103

National Regulation Innovation Technology 103

American Banker

NOVEMBER 26, 2024

The National Credit Union Administration lacks the authority to regulate third-party vendors that supply vital services to the industry. This creates a major risk to credit union customers and the broader U.S. economy.

National 89

National Regulation Industry Cyber Security 89

PYMNTS

DECEMBER 23, 2019

The same framework should be in place to improve technology used by regulators in efforts to strengthen supervision throughout the industry, the think tank also says. The Chinese AI industry would be worth $143 Billion by 2030. The risk and safety lines with AI in China in the finance sector appear to be blurring. trade war.

Regulation 202

Regulation Groups Policies Big Data 202

PYMNTS

APRIL 8, 2019

Australian financial regulators are feeling pressure to ensure financial institutions treat customers properly and have turned to artificial intelligence (AI) in an attempt to improve compliance, according to a report by the Financial Times. The trend is starting to appear nationally.

Compliance 108

Compliance Regulation Industry National 108

CFPB Monitor

JANUARY 3, 2024

This New Year is setting up to be a momentous one for the consumer financial services industry in the United States Supreme Court.

Industry 97

Industry United States National Regulation 97

CFPB Monitor

MAY 24, 2021

We are pleased to announce that Ballard Spahr’s Consumer Financial Services Group has once again received the highest national ranking from Chambers USA: America’s Leading Lawyers for Business. This year, Chambers USA added Enforcement & Investigations as a new category for Financial Services Regulation: Consumer Finance.

National 148

National Groups Regulation Compliance 148

PYMNTS

OCTOBER 9, 2018

The alternative finance boom post-2008 financial crisis undoubtedly provided more options for small business (SMB) borrowers, but that doesn’t mean the industry is guaranteed to become a staple among entrepreneurs seeking financing. hasn’t seen the same industry growth trajectory, however. In the U.S.,

National 167

National Regulation Capital Industry 167

PYMNTS

OCTOBER 16, 2020

The Bank of Communications, Bank of China, Agricultural Bank of China, China Construction Bank and Industrial and Commercial Bank of China registered a minimum of 10 percent year-on-year declines from January to June. During the first two quarters of 2020, these lenders also put more funds aside in anticipation of loan losses to come.

Regulation 280

Regulation Lending National Marketing 280

PYMNTS

NOVEMBER 9, 2020

Here’s the latest news from the technology industry, which is coming under increasing global scrutiny from governments and consumers. Regulation. EU Gears Up To Propose New Big Tech Regulations. Australian Regulator Looks Into Merger Law Changes. Facebook’s WhatsApp To Grow Payments Service Following NPCI Go-Ahead.

Regulation 211

Regulation social media Compliance California 211

PYMNTS

SEPTEMBER 12, 2019

There are many forms of nationalism. Ethnic nationalism. Cultural nationalism. Now comes cryptocurrency nationalism? Coindesk reported this week that, in the Netherlands, cryptocurrency firms based outside of Europe may “get the boot” amid new regulations. It’s a really nice step.

National 109

National cryptocurrency Policies Regulation 109

PYMNTS

JUNE 17, 2019

regulators are saying cyberattacks pose the greatest risk to U.S. banks in upcoming years, but the regulation and testing processes are convoluted and complicated for institutions in both spaces to assess, according to a report by the Financial Times. Right now, different regulators look at different pieces of the same bank.

Regulation 133

Regulation US System Data 133

PYMNTS

MAY 6, 2019

The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. The national licenses would let FinTechs lend money and paychecks to consumers.

National 165

National Fintech New York Exercises 165

Abrigo

JULY 9, 2024

Takeaway 2 Financial institutions will need to incorporate FinCEN's national AML/CFT priorities into their risk assessments and compliance programs. Notably, these would include a change to long-standing industry terminology. The need to modernize AML/CFT programs has been at the forefront of AML professionals' minds for some time.

Compliance 221

Compliance Fraud Regulation National 221

PYMNTS

MAY 20, 2020

European Union (EU) regulators want feedback from users and digital service providers before they craft new rules that could manage giant tech firms Google, Facebook, Amazon and Uber, Reuters reported. Facebook Founder and CEO Mark Zuckerberg published “Charting the Way Forward: Online Content Regulation.”

Regulation 131

Regulation social media Google Survey 131

PYMNTS

SEPTEMBER 30, 2020

The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies. However, the banking industry doesn’t like that one bit. “We Specific Concerns .

Regulation 349

Regulation National System Industry 349

CFPB Monitor

JANUARY 25, 2024

After promising earlier this year to “establish nation-leading regulations for the Buy Now Pay Later loan industry,” New York Governor Kathy Hochul took a significant first step in that direction by including Buy Now Pay Later (“BNPL”) legislation in her Proposed 2024-2025 Transportation, Economic Development and Environmental Conservation (“TED”) (..)

New York 139

New York National Regulation Industry 139

PYMNTS

FEBRUARY 25, 2019

The Conference of State Bank Supervisors (CSBS) said earlier this month that it had put in place a set of action items to standardize the national experience of FinTechs and non-bank entities. We have formed a working group of state regulators to develop the model. Our FinTech industry advisory panel did include a few community banks.

Regulation 147

Regulation Fintech Community Bank Community 147

PYMNTS

DECEMBER 18, 2019

The United Kingdom will create a technology regulator next year after Brexit is completed, according to a report by the Financial Times. There is an emerging international consensus around the scope of new regulation. Members of BEIS have been meeting with lawyers and different academics to determine how the regulator will operate.

Regulation 134

Regulation Google Policies Meeting 134

PYMNTS

SEPTEMBER 12, 2018

that are more modern, but urged lawmakers to approach the issue nationally. According to a report in Reuters , citing The Internet Association, the trade group wants the rules to preempt a new regulation on the books in California that comes into effect in 2020. 11) that it supports data privacy rules in the U.S.

National 128

National Data Company California 128

PYMNTS

FEBRUARY 16, 2017

According to Bloomberg , the Monetary Authority of Singapore published a new consultation paper that revealed new and existing venture capitalists will no longer be subject to the same rules that apply to fund managers overall, including capital requirements and business conduct regulations.

Regulation 183

Regulation Capital Fintech Innovation 183

PYMNTS

DECEMBER 3, 2019

If banks have additional questions regarding the Agriculture Improvement Act of 2018 (2018 Farm Bill) and its regulations, they can contact the USDA, state departments of agriculture and tribal governments. It was amended to include the Patriot Act, which requires every bank to adopt a customer identification program.

Regulation 137

Regulation Guidelines FDIC Conference 137

PYMNTS

SEPTEMBER 24, 2020

24), could put digital currency exchanges under one national structure, CoinDesk reported. In other news, the Ministry of Finance in Russia keeps advocating for digital currency industry rules through the introduction of new tax mandates, Cointelegraph reported. The Digital Commodity Exchange Act of 2020, which was proposed by a U.S.

National 121

National Report Taxes Bitcoin 121

CFPB Monitor

SEPTEMBER 11, 2018

Blaine Luetkemeyer would significantly change data security and breach notification standards for the financial services and insurance industries. Most notably, the proposed legislation would create a national standard for data security and breach notification and preempt all current state law on the matter.

National 87

National Industry Security Data 87

PYMNTS

SEPTEMBER 4, 2019

B2B payments and international money transfer company B2B Pay has announced plans to become a regulated financial institution, and is looking to investors to fuel its growth. At the time, B2BPay supported payments to and from 34 nations. The company was among 40 FinTechs accepted into the Accelerator.

Regulation 148

Regulation cryptocurrency blockchain National 148

PYMNTS

JULY 12, 2018

Dean Garfield of the Information Technology Industry Council — a trade group that represents Google , Microsoft and other tech companies — is calling for faster development of national privacy norms to avoid opposing state rules. Companies will also have a tougher time sharing and/or selling data on children under the age of 16.

National 100

National Groups Data California 100

CFPB Monitor

JANUARY 16, 2024

In remarks to the press and public on January 2, 2024, New York Governor Kathy Hochul announced “a sweeping consumer protection and affordability agenda”, including proposed actions to “strengthen consumer protections against unfair business practices” and “establish nation-leading regulations for the Buy Now Pay Later loan industry”.

New York 156

New York National Regulation Examples 156

PYMNTS

MARCH 9, 2020

And, even though the committee is aiming to receive permission to seize digital currency, the outlet reported that multiple nations around the globe have been auctioning seized digital currencies. The report also noted that Erik Finman, a bitcoin investor, was one of the industry players involved in the legislation’s drafting.

Bitcoin 172

Bitcoin Regulation Arizona cryptocurrency 172

PYMNTS

MAY 29, 2017

FinTech has no doubt changed the face of the financial services industry in the U.S., but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption.

Regulation 133

Regulation Fintech Conference Innovation 133

PYMNTS

MARCH 5, 2020

Meanwhile, Trident Crypto Fund, which is based in Malta, has experienced a large data beach in the newest privacy leak to impact the digital currency industry, per a report from a Russian news outlet, CoinDesk reported. The watchdog claimed it has information that the exchange was dealing in regulated activities that needed its permission.

Regulation 192

Regulation San Francisco Bitcoin blockchain 192

PYMNTS

JANUARY 18, 2017

The National ATM Council (NAC) argued in testimony to the Committee on Consumer Affairs of the New York City Council last week that a proposed ordinance would impose costly and burdensome new security regulations on ATM operators all around the city. said Renard in the same press release.

ATM 100

ATM National New York City New York 100

CFPB Monitor

SEPTEMBER 22, 2020

We are delighted to share the news that Ballard Spahr has been named a finalist for the 2020 LendIt Fintech Top Law Firm Industry Award. Also this year, our Consumer Financial Services Group once again received the highest national ranking from Chambers USA : America’s Leading Lawyers for Business.

Fintech 78

Fintech Industry National Groups 78

PYMNTS

NOVEMBER 23, 2020

Here’s the latest news from the technology industry, which is coming under increasing scrutiny from regulators around the world. EU Auditors: European Commission Needs To ‘Scale Up’ Regulation. New Digital Regulations Could Let EU Ban Tech Firms. California will get $24.6

Apple 193

Apple Regulation social media Compliance 193