Politics, Legal & Regulation

August 31, 2016 @ 4:09 pm By Spencer Li  |  

After nearly eight months since the original draft was first issued, the China Banking Regulatory Commission (“CBRC”) announced the official rules for the online lending industry on August 24, 2016. The unveiling came accompanied with a few policy curveballs that few industry participants were expecting…. Read More

August 31, 2016 @ 3:14 pm By JD Alois  |  

The SEC generates fees in a bit of a convoluted fashion.  No fault of their own, the SEC is mandated by law to set the fee based on the Commission’s projections for the fiscal year.  The regulator had some help in the methodology as the… Read More

August 31, 2016 @ 7:15 am By JD Alois  |  

The US Consumer Financial Protection Bureau (CFPB) has filed a monthly complaint report for banks and other financial services. The monthly report uses a three-month rolling average, comparing the current average to the same period in the prior year. CFPB Director Richard Cordray commented on… Read More

August 30, 2016 @ 9:56 am By JD Alois  |  

South Korea is claiming a “world’s first” in launching the Fintech Open Platform designed to boost Fintech development in Korea, according to the Financial Services Commission (FSC). The Fintech Open Platform is described as a combination of a website where Fintech firms can download program… Read More

August 30, 2016 @ 9:04 am By Jason Best  |  

As any entrepreneur knows, when you are creating something new, there are no shortage of naysayers.  Among the 3 types of clients we work with (investors, corporates and financial regulators) the regulators tend to look at new things most skeptically.  But, of the many questions… Read More

August 29, 2016 @ 12:14 pm By JD Alois  |  

Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS, was questioned earlier this month on the policy measures incorporated by the Monetary Authority of Singapore (MAS), in regards to investment crowdfunding. The query came from Ms. Foo Mee Har, an MP from the West… Read More

August 26, 2016 @ 3:58 pm By JD Alois  |  

Earlier this week, Hillary Clinton, the Democratic candidate for President of the United States, released a “Factsheet” on small business.  Interestingly it contained a good bit of affirmation that she will not turn her back on small business recognizing SMEs are the lifeblood of the… Read More

August 25, 2016 @ 10:05 am By JD Alois  |  

Announced earlier this week, China has finally revealed its regulatory approach to online lending. To put this into perspective, peer to peer lending is huge in China – the largest online lending market in the world. The rapid ascension of P2P lending was driven by… Read More

August 25, 2016 @ 9:21 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) has published a consultation paper on a payments regulatory approach. Simultaneously MAS has created a “National Payments Council” to help foster digital payments and the ascension of Fintech. Noting that presently there are multiple regulatory environments and legislation action,… Read More

August 25, 2016 @ 12:11 am By JD Alois  |  

Apple, Google, Amazon, PayPal & Intuit Provide the Firepower Behind Fintech Advocacy Group Financial Innovation Now. Back in the fall of 2015, an announcement was made regarding the creation of a new public policy coalition representing some of the largest names in tech: Apple, Google,… Read More

August 24, 2016 @ 8:06 am By JD Alois  |  

A report in ChinaNews is saying The China Banking Regulatory Commission (CBRC), along with partner agencies, will release rules regarding online lending that will include lending caps. According to the report, individuals will be able to borrow up to 200,000 CNY (USD $30,000) from any… Read More

August 23, 2016 @ 10:37 am By JD Alois  |  

Last week S. Iswaran, Minister for Trade & Industry, made the statement; “FinTech is … a critical differentiator for Singapore to remain a leading financial hub in the region. Our finance and insurance sector has been a key growth contributor in recent years, and the… Read More

August 23, 2016 @ 8:47 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB)recently proposed banning arbitration regarding certain  consumer financial agreements and to allow the legal process to take hold in the case of a dispute. The CFPB posted the proposal this past May, outlined as follows: First, the proposed rule would… Read More

August 22, 2016 @ 12:06 pm By JD Alois  |  

An article in WSJ.com today states the “regulatory advantage may be fleeting” for online lenders. The author pointed to an initiative by the Federal Deposit Insurance Corporation (FDIC) that may add new rules for banks working with online lenders that could add cost to these… Read More

August 21, 2016 @ 10:19 pm By JD Alois  |  

The Turnbull government announced in February of this year their intent to establish Australia as an Asia-Pacific hub for Fintech. The Hon. Scott Morrison MP said at that time; “FinTech will have an important role to play in Australia’s innovation future, that’s why the Turnbull Government… Read More

August 20, 2016 @ 9:28 am By JD Alois  |  

The Federal Trade Commission (FTC) recently announced their next Fintech Forum.  The next event will take place on October 26th at the FTC HQ in Washington, DC. This is a free event and is open to the public.  The first event addressed Marketplace Lending and… Read More

August 19, 2016 @ 2:07 pm By JD Alois  |  

The youngest financial regulatory agency of them all, the Consumer and Financial Protection Bureau (CFPB), has announced its new Advisory Board and Council Members. The CFPB, established under Dodd-Frank, was mandated to create these advisory boards and councils. While the various groups were represented by many… Read More

August 18, 2016 @ 8:00 am By JD Alois  |  

Under Reg D more than a trillion dollars is raised each year for companies that are not publicly traded. This market is huge – far larger than the annual rate of IPOs. Yet these private placements are only available to “accredited investors”: Individuals who earn… Read More

August 18, 2016 @ 1:55 am By JD Alois  |  

In Mumbai this week there was an annual banking conference where Indian government officials presented or participated. The Hindu interviewed Reserve Bank of India Deputy Governor R Gandhi and he made several interesting statements. According to Gandhi; “Banking is necessary, but banks are not adding…… Read More

August 15, 2016 @ 10:33 am By JD Alois  |  

In November of 2015, a group of well-known tech names banded together to create a new lobbying entity to lobby Capitol Hill on Fintech and financial regulations. Financial Innovation Now is a unique alliance of Apple, Google, Amazon, Intuit and Paypal joining in one specific… Read More