Weekly Fintech Focus The FFIEC updates its guidance on pandemic planning in response to COVID-19, and many other financial regulators issue similar guidance. The California DBO issues a proposed rule to clarify its broad agent of the payee exemption. The UK launches a consultation on auditing AI systems for compliance and fairness.…

Weekly Fintech Focus FinCEN fines former bank officer $450 million for AML failures at the bank. CFPB hosts a symposium on consumer access to financial records and data aggregation. CSBS requests additional comments for MSB Model Law. FDIC requests input on modernization for bank advertising requirements.…

Weekly Fintech Focus FDIC releases a guide about the risk assessment and due diligence frameworks required when fintechs partner with banks. Revolut valued at $5.5 Billion after new funding round. FATF blacklists Iran for failing to improve its terrorist financing safeguards. FTC provides annual letter to CFPB on the agency’s ECOA activities. FTC releases a report on its small business financing forum, with emphasis on unfair and deceptive practices. CFPB commits to meet certain deadlines…

Weekly Fintech Focus CSBS launches a streamlined state exam system for fintech companies and other nonbanks. FinCEN announces a new Digital Innovation Officer with experience in cryptocurrency. Senators seek answers from fintech lenders regarding disparate impact claims related to potential proxies for protected classes used in the lenders’ underwriting processes. ESMA evaluates the role of BigTech in financial services. Visa gives Coinbase principal status. FDIC publishes application procedures for non-bank and non-traditional community banks. Varo…

Weekly Fintech Focus The House Financial Services Committee takes on AI bias issues. The Fed prioritizes interoperability for its FedNow payments service. Colorado releases a roadmap for banks and others that provide financial services to cannabis-related businesses. Mastercard gets preliminary approval to operate in China. NY Court Finds Fantasy Sports Betting Illegal. Fed Reserve Governor Discusses Digitalization of Payments and Currency.…

Weekly Fintech Focus The CFPB issues a policy statement to clarify the “abusiveness” standard. CFPB proposes a settlement with payday lending company linked to tribal lender. Visa will modify interchange rates the most in a decade. ARRC releases checklist for transitioning from LIBOR to SOFR. The Fed continues to move forward on faster payments and is working to more broadly address the digitalization of payments. FinCEN’s Deputy Director discusses AML oversight in speech at the…

Weekly Fintech Focus New York City bans cashless stores, joining Philadelphia, San Francisco, New Jersey, and Massachusetts in a growing national trend. The FTC continues to go after payment processors involved in facilitating deceptive and fraudulent schemes. FDIC extends the deadline for comments on its Innovation Pilot Program after it receives no responses. FICO announces a recalculated FICO Score for credit scoring.…