To really address the racial wealth gap fintech companies need a new mindset. Traditional products, even with a fintech twist, are not making a big enough difference.
A new law has passed in New York to provide support for online lending; the law includes direction for the development of an outreach campaign that will educate small businesses about marketplace lending; educational materials will come from the Department of Economic Development and the Department of Financial Services and will include simple language detailing potential costs and risks including the disclosure of percentage rates, fees, charges and early repayment options. Source
It seems that regulators in Pennsylvania have had some misgivings about p2p lending. So, the PA Securities Commission issued this...
Secretary of Treasury Janet Yellen spoke at American University about the government's role in creating cryptocurrencies or CBDCs.
Chinese regulators have issued new guidance for P2P lenders in further efforts to regulate China's fintech industry; the new guidance requires P2P lenders to register with the government which will also help regulators to build an industry database for development of future regulation; regulators involved with the new guidance include the China Banking Regulatory Commission, the Ministry of Industry and Information Technology and the State Administration for Industry and Commerce. Source
The Financial Conduct Authority (FCA) has approved LendingCrowd for full FCA authorization which allows the company to offer investments through IFISAs; the approval follows a £2.75 million Scottish Enterprise investment in the platform's small business loans last week; the FCA's last approval was in October for P2PFA member firm, Lending Works. Source
These operations had been legally challenged by credit card companies, which currently dominate this type of activity in Chile.
A comprehensive 380-page document was released that explained the policy and future legislation.
New regulations for peer-to-peer lending in Thailand are scheduled for approval by the end of the year; the new regulations will be formulated from an open comment, public hearing which ended on October 15; a licensing process is also expected to follow in 2017. Source
[Editor’s note: This is a guest post from Ryan Metcalf, Head of Public Policy & Social Impact at Funding Circle.] The Paycheck...