Their website mentions names such as 'digital sterling' or 'Britcoin' and emphasizes the difference between CBCDs and cryptocurrencies.
In a speech at the Money 20/20 conference in Las Vegas, the head of the CFPB said he was troubled by banks who would shut off access to third-party data providers and believes consumers should have access to their data; though the agency declined to comment on the possibility of a new rule, they did make it clear that consumers should be the ones who decide when and who should have access to their data; this puts banks in a tough position as they work to comply with the current regulations and burgeoning fintech market that has given consumers a variety of technology options to use their personal data. Source
In 2016 government regulators became more involved in the fintech industry in a variety of ways; while new regulations were discussed across the globe, governments also got more involved in the industry through sandbox and innovation programs; China's fintech market continued to grow in 2016 with both private market funding and fintech company growth; in 2016 robo advisors and blockchain emerged with new services; the market now offers a broader range of robo advisor services and the leading asset managers have introduced their own platforms; blockchain also reported unprecedented growth with distributed ledger being used for a wider variety of solutions across all industries; all of these industry developments are expected to remain in focus for 2017. Source
The UK's Cambridge Center for Alternative Finance (CCAF) is actively involved in industry research and is currently doing three alternative finance surveys; much of the research is in conjunction with the Financial Conduct Authority (FCA), providing insight for its crowdfunding consultation period; CCAF is surveying crowdfunding investors and crowdfunding borrowers; CCAF has also announced it will now be doing a survey on blockchain and cryptocurrencies; as part of the FCA's regulatory study, CCAF is working with 25 crowdfunding and P2P lending platforms in the UK to gain greater insight into the crowdfunding ecosystem. Source
[Editor’s note: This is a guest post from Ryan Metcalf, Head of Public Policy & Social Impact at Funding Circle.] The Paycheck...
Anew approach to the FCA and how they interact with fintech, focusing on fostering innovation, being intelligence-led, and preparing for the future.
I never talk politics on the blog here but I must commend the Democrats and Republicans for coming together last...
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 US Senate's Banking Committee majority leader says a full reform of Dodd-Frank is unlikely but the Committee will seek to pass targeted reforms; the Banking Committee majority leader also sees larger regulatory changes coming mainly from the independent agencies; the outlook means the Financial Choice Act led by House Financial Services Committee Chairman Jeb Hensarling is also unlikely to be passed in the Senate; "The Choice Act is our omnibus legislation, but we will also reintroduce its component bills," says Hensarling; a previous executive order from President Trump which halts new federal regulations or requires regulators to repeal two rules for every new one issued is also slowing the regulatory process. Source
The Madden saga has been plaguing the marketplace lending industry for years now. We have covered this issue on Lend...