US issues statement on using non-traditional data to make lending decisions

Five US government agencies (listed below) issued a statement on lenders using alternative data in making lending decisions (underwriting loans to individuals). Alternative data is data that is not currently commonly used to make underwriting decisions (deciding whether or not to grant loans to individuals). Currently used data includes credit scores and salary information. Alternative… Continue reading US issues statement on using non-traditional data to make lending decisions

US regulator proposes rules to avoid interest rate cap rule issues on loan transfers

The Office of the Comptroller of the Currency (the “OCC”) – the US federal-level banking regulator has put out out a proposal to clarify whether interest rate cap rules apply to loans when they are transferred (for national banks and savings associations that it regulates). Interest rate caps are state-level maximum interest rate levels that… Continue reading US regulator proposes rules to avoid interest rate cap rule issues on loan transfers

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Court rules against US fintech banking licence regime

Relates to the Office of the Comptroller of the Currency (the OCC – the US federal banking regulator) special bank charter for fintech firms. The special charter was launched in 2016 and was intended to provide a quicker and in some ways lighter way for fintech firms to be able to conduct certain banking activities… Continue reading Court rules against US fintech banking licence regime

Judge rejects lawsuit against US fintech charter

The US nationwide bank regulator – the Office of the Comptroller of the Currency (OCC) – launched a special bank charter for fintech companies in 2018. State regulators have argued that granting firms nationwide banking rights through this charter may be circumventing state laws (such as certain consumer protection laws) and that the OCC does… Continue reading Judge rejects lawsuit against US fintech charter

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US (OCC) seeks feedback on proposed Fintech Program

<![CDATA[ Executive Summary 45 day public comment period on proposed Innovation Pilot Program. Details The Office of the Comptroller of the Currency (OCC) regulates all US National Banks. The Innovation Pilot Program is intended to only be open to OCC-supervised institutions (national banks, federal savings associations, etc.). Fintech firms (without an OCC licence) could participate… Continue reading US (OCC) seeks feedback on proposed Fintech Program

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Robinhood (US Equity Trading App) applies for bank licence

<![CDATA[ Executive Summary Robinhood is reported to have applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter. Under a legally separate entity to the share trading business. Details Robinhood is a US company that operates a mobile phone based equity trading app for retail investors at zero commission.… Continue reading Robinhood (US Equity Trading App) applies for bank licence

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US SEC Chairman stresses importance of ICO compliance

<![CDATA[ Executive Summary US SEC Chairmain says ICOs can be an effective capital raising method but must comply with securities laws. Talks of SEC’s efforts to promote fintech (in a properly regulated way). In the midst of SEC actions against firms for ICO non-compliance. Details Jay Clayton, the Chairman of the US Securities and Exchange… Continue reading US SEC Chairman stresses importance of ICO compliance

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