The Office of the Comptroller of the Currency announced, in a highly anticipated decision, that it would begin to consider special-purpose charter applications from fintech entities. This move, which has been the subject of...more
Financial technology, or fintech, is poised to be the center of U.S. regulation in 2017. Industry experts estimate that between July 2015 and January 2016, more than $5.5 billion was invested in the fintech sector. As fintech...more
7/6/2017
/ Banking Sector ,
Big Data ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Financial Services Industry ,
FinTech ,
Hackers ,
Innovative Technology ,
Popular ,
Regulatory Oversight
The Consumer Financial Protection Bureau (CFPB) ordered First National Bank of Omaha (FNBO) to pay a $4.5 million civil money penalty and $27.75 million in customer restitution for violations of engaging in deceptive...more
10/6/2016
/ Add-ons ,
Banking Sector ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
First National ,
Popular ,
Risk Management ,
UDAAP ,
Unfair or Deceptive Trade Practices
In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more
10/3/2016
/ Banking Sector ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Business Oversight ,
Enforcement Actions ,
Facebook ,
Financial Services Industry ,
FinTech ,
Innovation ,
Innovative Technology ,
Online Marketplace Lending ,
Payday Loans ,
Popular ,
Regulatory Oversight ,
Startups ,
Technology