July 26, 2023 @ 10:39 pm By JD Alois  |  

The Financial Innovation and Technology for the 21st Century Act (FIT Act), comprehensive legislation designed to create a new regulatory approach for digital assets, was approved by the House Financial Services Committee today. The legislation is now ready for a potential floor vote of the… Read More

July 26, 2023 @ 10:27 pm By JD Alois  |  

LendingClub (NYSE: LC), a federally chartered digital bank, announced financial results for Q2 2023 today, delivering a positive earnings number while showing declines in both the top and bottom line. Total net revenue for Q2 was $232.5 million compared to $245.7 million during Q1. Total… Read More

July 26, 2023 @ 9:21 pm By JD Alois  |  

As was expected, the US Federal Reserve increased benchmark rates by 25 basis points today. Markets had long anticipated the move, which pushed rates to the highest they have been in over 22 years. In the Federal Open Market Committee statement, the bank said that… Read More

July 26, 2023 @ 12:28 pm By JD Alois  |  

Elon Musk continues to discover new territory with his purchase of Twitter. Having now rebranded Twitter as “X,” Musk recently described X as morphing into an “everything app.” Musk says that from a media platform allowing free speech, X will become a “comprehensive communications” provider… Read More

July 26, 2023 @ 12:14 pm By JD Alois  |  

The House Financial Services Committee is holding a markup hearing today for several bills of interest. At the top of the list is the Financial Innovation and Technology for the 21st Century Act (FIT Act) – legislation that aims to define a regulatory approach for… Read More

July 26, 2023 @ 11:41 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed charges against Michael and Amanda Griffis of Clarksville, Tennessee, according to a statement issued by the Commission. The complaint charges the defendants with defrauding over 100 people and failing to register with the CFTC in connection with a… Read More

July 25, 2023 @ 5:32 pm By JD Alois  |  

The Federal Bureau of Investigation (FBI) says that in 2022, investment scams were the costliest type of fraud in the US. The FBI states in its Internet Crime Report 2022 (IC3) that fraud complaints jumped from $1.45 billion in 2021 to $3.31 billion in 2022…. Read More

July 25, 2023 @ 1:23 pm By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a statement on the recent bust-up over Coutts canceling a high-profile account due to its internal “values.”  Coutts, which is owned by NatWest, shut down the account of former UKIP leader and noted Brexit supporter Nigel Farage… Read More

July 25, 2023 @ 11:45 am By JD Alois  |  

Dalmore Group is a broker-dealer that provides tech-enhanced services for private companies that are looking to raise money online. Providing assistance to companies raising capital under  Reg CF, Reg A+, and Reg D, Dalmore reports more than 1000 companies have utilized their services, raising over… Read More

July 25, 2023 @ 10:28 am By JD Alois  |  

Global private equity and venture capital deals with a valuation of one billion dollars are more are experiencing their slowest-ever year since 2019, according to S&P Global Market Intelligence. For the year until July 13th, there have been 33 deals at $99.47 billion. During Q2,… Read More

July 25, 2023 @ 8:22 am By JD Alois  |  

The Clarity for Payment Stablecoins Act of 2023 (HR 4766) will be discussed in a markup hearing today of the House Financial Services Committee. During the hearing, the language of the bill will be reviewed, and additional amendments may or may not be added before… Read More

July 24, 2023 @ 9:59 pm By JD Alois  |  

EstateGuru, a platform that matches borrowers with investors, has provided a half year update on its activities. The company reported that during the first 6 months of the year, EstateGuru has financed 269 separate real estate projects raising €44 million. During the same period, investors… Read More

July 24, 2023 @ 7:57 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has scheduled an open meeting for later this week. On Wednesday, the Commission will consider new rules for several items. According to the agenda, the Commission will consider. Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure – Division of… Read More

July 24, 2023 @ 12:46 pm By JD Alois  |  

Justly, once an emerging impact investing platform, has exited the space to focus on the EV or electric vehicle industry, according to a company statement. Justy is a subsidiary of Ideanomics (NASDAQ: IDEX), a US-based “impact broker-dealer” focused on private equity and debt markets. Ideanomics… Read More

July 24, 2023 @ 12:23 pm By JD Alois  |  

The Prudential Regulation Authority (PRA), part of the Bank of England, has assessed a “record fine” on Credit Suisse due to its exposure to Archegos Capital Management. Archegos collapsed spectacularly in 2022 leaving losses of billions of dollars. The failure has led to both criminal… Read More

July 24, 2023 @ 12:10 pm By JD Alois  |  

Experian has announced the availability of real-time employment verifications as well as income. The service is aimed at credit or loan providers. The information is said to come directly from employer payroll services. Experian claims to cover over 85% of the US workforce for the… Read More

July 24, 2023 @ 10:42 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) published final guidance on the new Consumer Duty initiative last year. Firms are expected to implement the requirements by the end of this month. Consumer Duty sets a “standard of care” for financial services firms in retail markets aiming… Read More

July 24, 2023 @ 10:26 am By JD Alois  |  

Profitable digital bank bunq has raised more money. According to a note from the firm bunq has received €44.5 million at a pre-money valuation of €1.65 billion.  In 2021 bunq raised €193 million at the same valuation. Bunq was founded by Ali Niknam after he… Read More

July 24, 2023 @ 9:43 am By JD Alois  |  

Customers Bancorp (NYSE:CUBI) is the new crypto-crush when it comes to banking firms in the digital asset sector. A recent report by Bloomberg notes that the Pennsylvania-based regional bank says that “hundreds of digital asset firms,” including stablecoin issuers, crypto exchanges, and market makers, are… Read More

July 24, 2023 @ 6:17 am By JD Alois  |  

This past April, CI held a webinar on Impact Investing – a growing concept within the broader investment ecosystem. Sectors of investment frequently include Green investments and sometimes social issues like housing or underserved communities. If you want to invest via public markets, Fintech Betterment… Read More