The last day of the year is normally pretty quiet as far as news goes but LendingClub had two major...
On November 7, China passed data control laws that had been put on the table in August; the laws include government security checks on companies in finance, telecommunications and other critical data industries as well as mandatory in-country data storage; also, individuals will have to register with their real names on messaging services; businesses are concerned that information flow will be curtailed in industries where this is critical to be effective and corporate security checks have the potential to be invasive rather than simply regulatory; the law will go into effect next summer; some aspects of the law will need clarification over time from the government. Source
A comprehensive 380-page document was released that explained the policy and future legislation.
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
The international group of regulators called the Global Financial Innovation Network (GFIN) has expanded to 29 countries and is inviting...
In an interview with CNBC, Ning Tang, CEO of CreditEase, provides insight on the China Banking Regulatory Commission’s regulation for China’s P2P lending industry; says the regulation will have positive long-term affects; focuses on the requirement of P2P lenders to work with banks as a custodian and says CreditEase has complied with this requirement for many years. Source
Superintendent of the Department of Financial Services Adrienne Harris discussed if fintech could live up to the promise of financial inclusion and state regulators' role in her keynote.
Preserving singleness of money as stablecoins are introduced are just one of the challenges UK regulators will face in ongoing regulation.
Banks have been given a deadline of early 2018 to comply with new regulations that will allow for open banking; many industry experts believe this deadline is too tight; to comply, banks would need to completely overhaul their current security infrastructure and banks are not known to rapidly change anything; the UK's big four - Lloyds Banking Group, HSBC, Barclays and Royal Bank of Scotland - control 77% of personal current accounts and 85% of business accounts; these new regulations will allow consumers to control access to their data and give them comparison tools to shop for the best mortgage, credit card or loan. Source
Last year the U.S. House passed a crowdfunding bill (H.R. 2930 – Entrepreneur Access to Capital Act) but it has...