RegFi Episode 4: Consumer Reports Evaluates Fintech to Empower Consumers
The Compliance Challenge: Managing Legal & Regulatory Risk
We recently reported that on August 15, 2024 Solo Funding, Inc. (“Solo”) filed a motion to dismiss in its entirety an enforcement complaint brought by the CFPB against Solo (a company that facilitates peer-to-peer small...more
In a recent speech at Vanderbilt University, Acting Comptroller of the Currency Michael Hsu discussed his views on the potential risk of financial instability due to the merging boundaries between banking and commerce. In his...more
Recently, three Republican members of the U.S. House of Representatives’ Financial Services Committee, Patrick McHenry, Mike Flood, and French Hill, sent a joint letter to the Consumer Financial Protection Bureau (CFPB or...more
In its Fall 2023 Semiannual Risk Perspective, published on December 7, the Office of the Comptroller of the Currency (“OCC”) reported on key issues facing the federal banking system. In evaluating the overall soundness of...more
On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule that would grant it supervisory authority over major nonbank technology companies in the consumer digital payments space....more
Last year, we blogged that Zelle was considering possible solutions for P2P customers on the Zelle Network who were the victims of scams. In an August 30, 2023 press release, Zelle announced that it was initiating new safety...more
On November 7, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend existing regulations defining “larger participants” the CFPB supervises by adding a new section to...more
Delicia Hand, Director of Financial Fairness Advocacy at Consumer Reports, joins RegFi hosts Jerry Buckley and Sherry Safchuk for a conversation about new Consumer Reports initiatives to provide data and tools that empower...more
On May 9, CFPB General Counsel and Senior Advisor to the Director, Seth Frotman, discussed the evolution of the payments system and its significant impact on consumer financial protection...more
Canadian fintech industries, particularly digital payments, digital trading, robo-advising and open banking, continued to experience significant growth until 2022. The pace of innovation had been accelerated by expansive...more
The Wall Street Journal has reported that the seven large banks that own Zelle are discussing possible approaches to fraudulent transactions on the Zelle network. According to the WSJ, the Zelle network rules under...more
Consumers’ worldwide adoption of instant, contactless transactions has provided an opportunity for some to take advantage of loopholes and weaknesses in digital systems. Peer-to-peer (P2P) payments fraud, synthetic...more
On October 28, 2021, the Financial Action Task Force (FATF), the international body that sets standards for anti-money laundering and countering the financing of terrorism (AML/CFT), released updated guidance addressing the...more
Human traffickers, like all criminals, rely on the international financial system to facilitate their crimes and to disguise proceeds from their illegal activities. Traffickers open bank accounts to deposit and launder...more
The Financial Stability Board has published a report on the use of decentralized financial technologies and the implications these may have for financial stability, regulation and governance. The report has been delivered to...more
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on May 9, 2019, underscoring the application of the Bank Secrecy Act (BSA) and its implementing regulations relating to money...more
On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) issued a press release announcing a civil money penalty for violations of the Bank Secrecy Act’s (“BSA”) anti-money laundering (“AML”) compliance program...more
On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) announced its first enforcement action against a peer-to-peer virtual currency exchanger....more
One of the questions I commonly get asked is what is the difference between public and private blockchains. It is easy to see why people get confused as public and private blockchains have many similarities....more
Insurers’ exploration of distributed ledger technology (DLT), commonly referred to as blockchain, continues to expand. Last month, AIG announced a partnership with IBM and Standard Chartered Bank P.L.C. to test a “smart...more
Looking back at the major changes since his last report 5 years ago, Andy Davis concluded on Monday evening that P2P platforms have "changed the game for small businesses, investors and regulators" in the UK, as he launched...more
Innovations in financial technology (“fintech”) are transforming the provision of financial services to consumers and small businesses in ways that are at once profound and mundane. The nascent online lending – or...more
US regulators are “ramping up oversight” of Swift—the financial messaging system used throughout global finance that’s been a key conduit for hackers in recent attacks of Bangladeshi and Ecuadorian banks....more
The UK Financial Conduct Authority’s new Annual Financial Crime Report rules will come into force on 31 December 2016. PRA and FCA authorised firms will have to submit an Annual Financial Crime Report within 60 business days...more
The Chairman of the Treasury Select Committee (TSC), Andrew Tyrie MP, has written to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) about crowdfunding. Although he doesn’t say so in terms,...more