Indonesia's Financial Services Authority has issued regulations for alternative lenders; the regulations are slightly less strict than expected; they require fintech companies to have capital of 1 billion rupiah ($74,239) when registering their business and capital of 2.5 billion rupiah ($187,210) when applying for a business license; the regulations do not set any limits on interest rates. Source
Thomas Curry, Comptroller of the Currency, gave more insight on the Office of the Comptroller of the Currency's (OCC) plans for fintech regulation at a banking and innovation conference in London; Curry reported that regulation would be consistent with current banking standards, noting in his comments that, "if the OCC decides to grant a national charter in this area, the institution will be held to the same high standards of safety, soundness and fairness that other federally chartered institutions must meet"; the OCC is continuing with its plans for an Innovation Office and Curry said he would be releasing a white paper on fintech innovation. Source
Binance said it would pull out of the FTX deal in a tweet, citing corporate due diligence and media reports.
The report found that more than half of banks reported challenges reducing cyberattacks, and nearly half of firms are concerned with safeguarding sensitive data and adapting to consumer privacy laws.
A report from LexisNexis Risk Solutions finds that financial institutions prioritize transparency and inclusion but face challenges.
CFPB director Rohit Chopra lobbed a surprise grenade onto the expo floor Tuesday morning by announcing plans for an open banking rule.
On June 13, the UK released its digital strategy paper looking at all growth areas such as intellectual property, leveling up, and talent.
This week, the Consultative Group to Assist the Poor (CGAP) proposes improvements to the loosely-regulated fintech sector in sub-Saharan Africa, particularly Kenya; CGAP is a global partnership of 34 leading organizations advancing financial inclusion; they note fintech companies may inappropriately publicize a borrower's personal information if they default on a loan, and others may sweep a user's social media data with minimal notice to the consumer; a key step, by law and proactive process, is to rigorously include all fintech platforms under existing laws for lenders in Kenya. Source
US legislators have proposed that student loan debt be discharged in the case of bankruptcy; the current law gives added protection to student loan lenders by requiring the debt to be repaid in bankruptcy; lawmakers and lobbyists are also considering other provisions that would provide debt relief to student loan borrowers who have filed for bankruptcy; while the debt relief initiatives will benefit borrowers, the effects will add increased default risk for investors in private student loans and private student loan securitizations. Source
Stablecoins play an essential role in the crypto-asset ecosystem, although it does pose risks to market liquidity if they fail.