The increased use of Yelp reviews, Facebook “likes” and other social media interactions to determine a borrower’s creditworthiness has caught the attention of regulators in US Department of Treasury, amid concerns that the data is too subjective and could result
FinTech Update
Financial Services News for FinTech Companies and Lawyers
FinTech Update, published by Reed Smith LLP, focuses on legal developments and regulatory issues in the financial technology sector. The blog covers topics such as cryptocurrency regulation, securities law as applied to digital assets, initial coin offerings (ICOs), blockchain technology, fraud risk management in digital finance, and compliance with emerging financial regulations. It also addresses cross-border legal challenges, enforcement actions by regulatory bodies like the SEC, and the impact of technological innovation on banking and financial services. The content includes analysis of court decisions, regulatory guidelines, and industry best practices relevant to fintech companies and financial institutions.
Latest from FinTech Update - Page 11
FinTech Accelerator to Launch in Singapore, Backed by CIMB
By Tyler Layton
Malaysian bank CIMB has announced a partnership with a Singapore Accelerator called Startupbootcamp FinTech to help provide guidance to FinTech startups in Singapore. CIMB will provide business advice and funding for the Accelerator and participating startups. According to its website,…
Breath of Fresh Air in Dismissal of ‘Silly’ TCPA Litigation
After the FCC’s omnibus ruling drastically increasing the scope of the TCPA’s definition of autodialer, TCPA litigation has become a fight about consent. This has resulted in plaintiffs creating novel theories of consent–that it only applied to certain calls, or at…
Nurturing the FinTech industry in Vietnam
By Tyler Layton
On October 6, 2015, Standard Chartered Bank Vietnam and Vietnam-based investment firm Dragon Capital jointly hosted the inaugural meeting of the Vietnam FinTech Club, in Ho Chi Minh City. According to Dragon Capital, the Vietnam FinTech Club is intended to…
Georgia Court Rules B2B Companies Within CFPB’s Regulatory Power
On September 1, 2015, the Consumer Financial Protection Bureau (“CFPB”) won an important decision in which a federal court, for the first time, interpreted the meaning of “recklessly provid[ing] substantial assistance” under the Consumer Financial Protection Act (“CFPA”). Perhaps since…
CFPB Moves to Ban Class Action Waivers in Consumer Financial Services Contracts
In a move long anticipated by the industry, the Consumer Financial Protection Bureau (CFPB) on October 7, 2015 proposed to ban class action waivers in consumer financial contracts. Although the proposed ban would not take effect for a few years,…
Role of the UK Financial Conduct Authority is To Support FinTech Disruption
Jacqui Hatfield and Melanie Shone have recently written an article titled The FCA and FinTech: playing by the rules to support FinTech disruption, examining the role of the UK Financial Conduct Authority (FCA) in supporting the disruptive innovation of FinTech.…
FTC’s “Start With Security” Program
On September 9, 2015, the Federal Trade Commission (FTC) and University of California Hastings College of Law hosted the first conference in the FTC’s “Start With Security” series. Aimed at start-ups and developers, the event featured security specialists…
OCC Aims To Understand FinTech
The Office of the Comptroller of the Currency has announced a new initiative to keep pace with innovation in the financial. On August 7, 2015, in remarks before the Federal Home Loan Bank of Chicago, the Comptroller of the Currency,…
Treasury Seeks Comments on FinTech Lending
On August 14, 2015, the U.S. Department of the Treasury extended the comment period to give the public more time to respond to a Request for Information (RFI) on marketplace lending titled “Public Input on Expanding Access to Credit…