The Policy Summit from the American Fintech Council is brought to you in partnership with Fintech Nexus this year. It is the leading fintech regulatory event in the fall in Washington DC.
The need for increased protection and Travel Rule compliance are two lessons DeFi needs to learn, Notabene CEO Pelle Braendgaard said.
The Financial Conduct Authority released its interim update on crowdfunding rules last week; the update reported that the regulator would be scrutinizing numerous factors pertaining to P2P lending in the UK; one such factor, discussed by the Financial Times, includes the disclosure of loan performance; the introduction of provision funds has caused this disclosure to potentially be misleading for investors; in some cases platforms use provision funds to cover defaults for borrowers; this action could potentially lead to better than actual loan performance on the loans. Source
On June 13, the UK released its digital strategy paper looking at all growth areas such as intellectual property, leveling up, and talent.
In the light of the enforcement action against Farmington State Bank, Michele Alt of Klaros Group, gives four lessons for anyone considering acquiring a bank.
A report from the Beijing Bureau of Financial Work says 90% of P2P platforms will struggle to stay in business in 2017; if their predictions are correct that would reduce the total number of P2P companies from 4,856 to approximately 500; companies will begin to undergo a review by regulators and it is expected that a run on deposits is likely to occur; regulators will be checking for a number of variables including two new requirements: the appointment of a custodian bank and full disclosure of the use of deposits; other factors under review will include risk management, business scale, IT infrastructure, investment sources and shareholders' credibility; firms will either be granted a P2P lending license or be required to liquidate; in 2016 the industry accounted for 800 billion yuan and according to the Beijing Bureau of Financial Work it is likely that 2017 will end drastically different for the industry overall. Source
Earned Wage Access has specific legislation in Nevada, Missouri and now Wisconsin after the governor signed a new law this week.
On Monday, April 14, the EU's committee, Economic and Monetary Affairs, adopted a new position on rules on crypto-assets.
Over my decade-plus covering fintech, I see parallels between earned wage access (EWA) and equity crowdfunding, P2P lending and BNPL.