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Regulation

News Roundup Online Lending Regulation USA

·Dec. 8, 2016

SEC Requesting Increased Transparency and Revised Non-GAAP Accounting from Lending Club

The Securities and Exchange Commission (SEC) has requested that Lending Club provide increased disclosure on its loan portfolio and sources of funds also suggesting they improve non-GAAP reporting which is potentially misleading for investors; Lending Club has agreed to provide more disclosure and evolved its SEC filings accordingly however it has defended its non-GAAP accounting procedures, reporting it did not see the measures as misleading; recent requests for added disclosure as a publicly traded company are included in the SEC's last correspondence on November 4; the items remain open and the SEC's most recent correspondence is in addition to its review of the company following the replacement of its CEO in May. Source

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LatAm

·Apr. 4, 2023

Chilean Central Bank blocks fintechs from operating cross-border payments

These operations had been legally challenged by credit card companies, which currently dominate this type of activity in Chile.

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News Roundup Online Lending Regulation

·Dec. 27, 2016

Key Factors for Marketplace Lending in 2017

PricewaterhouseCoopers' DeNovo team says transparency, credibility and evolving business models will be key factors for marketplace lending in 2017; increased disclosures and new solutions for data analytics are expected to help transparency while also improving confidence and credibility; new regulations will also be an important factor for the landscape overall, potentially creating new business requirements while also validating funding sources; the DeNovo team also cites potentially lower investment taxes from House Speaker Paul Ryan's "A Better Way" plan and expansion to broader lending categories as important for the new year; in 2017 funding disbursement is also expected to come from a wider range of sources with securitization in the lead; originations overall in 2016 are down 4.9% through September at $7.8 billion versus $8.2 billion in 2015 while securitizations have increased by 80% at $5.4 billion versus $3.0 billion in 2015 according to Orchard. Source

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Asia/Pac News Roundup Online Lending Regulation

·Nov. 3, 2016

New Korean Regulation Limits P2P Investments for Most Individuals

Korea's Financial Services Commission just issued a guideline that limits most individual investors from committing more than 10 million won ($8,750) to P2P investments in a year; those individuals who have earnings over 100 million won ($87,500) can still commit up to 40 million won to P2P; Korean P2P platforms are complaining that investments in any equity project or loan portfolio tend to be skewed to a few individuals who invest more than 10 million won (60% of investors fall into this category on average across platforms there), therefore the new regulation will drive up funding costs; regulators say this over-concentration of funds from few investors is precisely the trend they hope to curtail. Source

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Regulation

·Dec. 8, 2010

New Government Report Coming on P2P Lending

Last week, Alex Brill, a fellow at the American Enterprise Institute (AEI) published a report detailing the regulatory challenges that have...

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LatAm

·Nov. 27, 2023

How a Milei presidency could boost Argentine fintech

Fintech leaders praised Milei's win in presidential elections, anticipating a more favorable scenario for the technology sector.

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Asia/Pac Fintech News Roundup Regulation

·Nov. 15, 2016

Australian Treasurer Promotes Regtech

Scott Morrison, Australia's treasurer, spoke about regtech at the Fintech Australia Summit; the treasurer discussed a regtech collision occurring in fintech where both crowdfunding firms and traditional banks are benefiting from increased technological innovation around regulation; likely that the marketplace lending ecosystem could see expansion in regulatory technology innovation. Source

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Asia/Pac News Roundup Online Lending Regulation

·Jan. 6, 2017

Growth Slows in China’s P2P Lending Industry in 2016

New regulations slowed the growth of P2P lending in China in 2016; data from P2P001 reports that transaction volume in P2P lending increased by 138% in 2016 to over 2.8 trillion yuan ($403 billion) however that was only half of the transaction volume growth reported in 2014 and 2015; on August 24, 2016 the government issued new requirements for the industry, one of which requires that lenders partner with banks for custodian services; this adds additional costs for lenders and as of the end of 2016 only 7.98% had partnered with a custodian bank. Source

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Fintech

·Dec. 27, 2023

Most Popular Stories, Podcasts and Cartoons from 2023

A look back at the most popular fintech stories, podcasts and cartoons of 2023.

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Regulation

·Nov. 4, 2021

Congress needs to make crypto regs: Stablecoin report

The paper, published by the President's Working Group on Financial Markets, argued that regulation must address defi money laundering and terrorism financing to create broader investor protection.

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