On, November 2, 2016, during its weekly meeting, the Swiss Federal Council (the Council), the executive council which serves as the collective executive head of the government of Switzerland, requested an easing of the Swiss regulatory framework for providers of
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 9
State AGs Double Down Focus on Financial Services, including FinTech
By Divonne Smoyer & Evan Thorn
State attorneys General (AGs) continue to emerge as major regulators of financial services and show little sign of being cowed by their federal counterparts….or efforts to preempt state authority.
This week, representatives of the consumer protection divisions of the AGs…
Supreme Court Clarifies Injury-In-Fact Standing Requirement in Spokeo, Dealing Impediment to “Gotcha” Statutory Lawsuits
Article III of the U.S. Constitution limits federal courts’ jurisdiction to actual cases and controversies only. When a plaintiff seeks to sue in federal court despite having suffered no actual injury, the Constitution’s case or controversy requirement is not satisfied…
Reed Smith hosts FinTech roundtable discussion
On April 25, Reed Smith hosted a FinTech lunch event at its London offices, led by partners Tamara Box, Nola Beirne, Jacqui Hatfield, Cynthia O’Donoghue, Claude Brown, Simon Grieser, Mike Young and Mark Melodia. Our external guests and Reed Smith…
CFPB Moves Forward With Proposal To Ban Class Action Waivers In Arbitration
The Consumer Financial Protection Bureau has published its long anticipated 377-page proposed rule to bar banks and regulated financial institutions from including class action waivers in mandatory arbitration provisions in consumer contracts.
Mandatory arbitration clauses, and class action waivers, are…
CFPB Takes First Action Against Company for Lax Data Security Practices
The Consumer Financial Protection Bureau (“CFPB”) has announced its first data security enforcement action. On Wednesday (March 2), the CFPB released a consent order against Dwolla, an online payment platform company, alleging it failed to maintain adequate data security practices…
FSB Eyeing Global Stability of FinTech Companies
Financial Stability Board chairman Mark Carney has announced that global regulators are evaluating potential stability implications that emerging financial technology poses to the global financial system and hinted that a regulatory framework in some form is all but inevitable.
The…
Marketplace Lending : Summary of Industry Comments
Reed Smith has issued the first comprehensive white paper discussing the comments submitted in response to Treasury’s July 2015 Request for Information (RFI) on marketplace lending. The RFI, entitled “Public Input on Expanding Access to Credit through Online Marketplace Lending,”…
Payday Lender SOL
On January 15, 2016, the CFPB Office of Enforcement asserted that claims pursued in administrative enforcement actions are not subject to the three-year statute of limitations set forth in the Consumer Financial Protection Act, signaling that the agency is willing…
Settlement Offer Can’t Moot Consumer Lawsuits
In a 6-3 decision issued today, the Supreme Court ruled that defendants cannot rely on a strategic offer of judgment to the named plaintiff to moot the claims of the putative class.
After an unfavorable Ninth Circuit decision, U.S. Navy…