The charter would allow SoFi to make loans and take deposits directly – without needing to use a licensed partner as it does now.
The one-on-one virtual meetings are for up to one hour – and can be a very valuable opportunity for fintech firms.
Libra is a set of coins linked to “real world” currencies such as USD and EUR as well as technology and assets. It was initiated by Facebook.
A nationwide Payments Charter has the potential to make it easier for fintech firms to do business – increasing competition and innovation.
As open banking regulations come into force around the world, and as consumer calls for open banking access grow, Plaid is upping its game to continue to provide more value to financial institutions and to fintech firms. On the 19th May, Plaid launched Plaid Exchange – a marketplace through which financial institutions and fintech firms… Continue reading Plaid levels up with Plaid Exchange
Monzo is a UK online bank which launched in 2015 and has over 4 million customers in the UK. Monzo Bank has applied to the Office of the Comptroller of the Currency (the OCC) for a national banking charter. The OCC is the US’s federal-level banking regulator. Monzo launched in the US in 2019 with… Continue reading UK Challenger Bank Monzo applies for US Banking Charter
A report published by the Federal Reserve Bank of Dallas has found that cryptocurrency prices and trading volumes react substantially to news about actions by regulators. The greatest negatives effects come from: 1) news related to general bans on cryptocurrencies, 2) news on actions to strengthen anti money laundering (AML) and to strengthen the combating… Continue reading Dallas Fed study finds cryptocurrency prices react substantially to some types of regulatory news
California’s Governor has included changes to fintech regulation in the state’s proposed budget for this year. The changes are intended to improve consumer protection and may also help continue to improve California’s fintech ecosystem/reputation as a trusted headquarters for national and global fintech firms. The proposed budget will now be reviewed by the California State… Continue reading California proposes fintech regulation overhaul. License fees may also increase.
Summary California has determined that Sezzle has been illegally providing loans in the state As their service needed a lender’s licence which Sezzle believed it did not need. Sezzle allows online shoppers to pay for their purchases in installments (as an alternative to paying for the purchase with a debit or credit card). California Decison… Continue reading California denies Sezzle and warns other point of sale lenders
Brokered Deposits are deposits that have been placed with a bank by an intermediary firm (a “broker”) for an end customer. The current rules prevent banks that are not classed as “well capitalised” by the Federal Deposit Insurance Corporation (FDIC) from taking brokered deposits. The logic is that deposits from deposit brokers in the past… Continue reading US FDIC may change Brokered Deposit Rules – Potentially Benefiting Fintechs