Politics, Legal & Regulation

June 6, 2016 @ 7:33 pm By JD Alois  |  

Last week the Independent Community Bankers of America (ICBA) filed a comment letter with the Office of the Comptroller of the Currency regarding a discussion paper on “responsible innovation” in the financial sector. The letter, signed by Karen Thomas, Senior Executive VP of Government Relations… Read More

June 5, 2016 @ 9:49 pm By JD Alois  |  

The Independent Community Bankers of America (ICBA) has sent a comment letter to the Office of the Comptroller of the Currency regarding ” responsible innovation”.  While everyone understands that Fintech can provide incredible benefits to both consumers and the economy, smaller banks are getting the… Read More

June 3, 2016 @ 2:15 pm By JD Alois  |  

FinCEN, a bureau of the Department of the Treasury, has proposed changing the regulatory definition of a “broker or dealer in securities.”  The proposed amendment will impact crowdfunding portals as created under the JOBS Act of 2012.  According to FinCEN; “these amendments would require funding… Read More

June 2, 2016 @ 6:01 pm By JD Alois  |  

  The Chairman of the UK Parliament Treasury Committee has written both Tracey McDermott, head of the FCA, and Andrew Bailey, Deputy Governor of the Bank of England for Prudential Regulation, to enquire if consumers may benefit from further regulation of the peer to peer… Read More

June 2, 2016 @ 2:58 pm By JD Alois  |  

The Consumer Financial Protection Bureau announced a proposed set of rules today designed to curtail abuses within the Payday lending industry. CFPB Director Richard Cordray released a prepared statement on the proposal explaining; “..our research has shown that too many of these loans trap borrowers… Read More

June 2, 2016 @ 8:12 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has proposed rules targeting the Payday lending industry requiring lenders to assure consumers have the ability to repay the loans.  The CFPB described the proposal as “ending payday debt traps.”  The rules would impact not just Payday lenders but… Read More

May 31, 2016 @ 6:30 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has scheduled its next meeting of the Investor Advisory Committee (IAC) for June 7th commencing at 11AM ET ending at 1230PM.  The committee will convene via a telephonic discussion. The public may dial in at: 1-888-240-3210, participant code 7250901. According… Read More

May 31, 2016 @ 2:08 pm By Erin Hobey  |  

France’s financial regulatory agency, the Autorité des Marchés Financiers (AMF), announced the launch of its Fintech, Innovation and Competitiveness (FIC) division, opportation 1 June 2016, according to the AMF. The AMF is creating a separate division to respond to changes in consumption patterns which have been… Read More

May 31, 2016 @ 9:55 am By JD Alois  |  

Expectations were high earlier this year as Australia appeared poised to enact legislation to improve the environment for investment crowdfunding to occur in a more liberalized environment. Yet the proposal by policy makers had come under pointed criticism.  Eventually the bill “lapsed at dissolution” in… Read More

May 28, 2016 @ 12:56 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA) has published a comment letter expressing their opinion on the definition of an Accredited Investor. As mandated by Dodd-Frank, the Securities and Exchange Commission (SEC) must review the current definition on a periodic basis. As it stands today,… Read More

May 27, 2016 @ 8:59 am By JD Alois  |  

The Federal Trade Commission (FTC) is launching a series of forums to discuss the evolving Fintech sector, pretty much everything to do with finance moving online. The first in the series will begin next month, on June 9th, at the FTC’s Constitution Center in Washington,… Read More

May 26, 2016 @ 4:56 pm By JD Alois  |  

Last week on day one of Reg CF, the North American Securities Administrators Association (NASAA) posted a request for comments on a proposed rule.  NASAA desires the requirement of an additional filing for Reg CF issuing companies to be completed in those states where either… Read More

May 26, 2016 @ 12:30 pm By Amy Wan  |  

After being invited to file a brief to the Supreme Court, the Solicitor General’s Office filed a brief this past Tuesday, May 24, 2016 and weighed in on the Madden v. Midland Funding, LLC case. Or rather, by weighing in I mean they blatantly shot… Read More

May 25, 2016 @ 9:57 pm By JD Alois  |  

As previously reported, the California legislature is considering whether or not to legalize intrastate crowdfunding. This is not the first time the Golden State has attempted to create its own rules to allow investors to back small companies online. But the previous efforts fizzled as… Read More

May 25, 2016 @ 4:35 pm By JD Alois  |  

“Should the Commission consider doing away with the notion of a so-called “accredited investor” altogether?” The above question is posed not by this digital publication but by a sitting SEC Commissioner, Michael S. Piwowar. The Commissioner was speaking at the recent gathering of the Advisory… Read More

May 23, 2016 @ 7:06 pm By JD Alois  |  

The Fostering Innovation Act (HR 4139) has passed the House of Representatives on a voice vote today. The bill originally passed the House Financial Services Committee in March on a vote of 42-15.  The legislation was sponsored by Representatives Kyrsten Sinema (D-AZ) and Michael Fitzpatrick… Read More

May 20, 2016 @ 11:02 am By Erin Hobey  |  

  The crowdfunding regulations of the Securities and Exchange Commission (SEC) became effective on May 16, 2016, and the agency has issued Compliance and Disclosure Interpretations (C&DIs) providing interpretive guidance on Regulation Crowdfunding. “It is encouraging to see the SEC being so proactive in issuing… Read More

May 20, 2016 @ 11:00 am By JD Alois  |  

    The SEC Advisory Committee on Small and Emerging Companies met yesterday at the SEC HQ on Capitol Hill. The main topic of discussion was the definition of an Accredited Investor. SEC Chair Mary Jo White was joined by her two remaining Commissioners, Michael… Read More

May 20, 2016 @ 10:53 am By Erin Hobey  |  

During the inaugural Crowdfunding Technology Showcase and Celebration in Washington, D.C., CrowdFund Intermediary Regulatory Advocates (CFIRA), Crowdfund Capital Advisors (CCA) and the Small Business & Entrepreneurship Council (SBE Council) presented Crowdfund Insider Co-founder and CEO Andrew Dix the “New Capital Markets Leadership Award” for Media. Crowdfund Insider, the leading… Read More

May 18, 2016 @ 11:10 am By Therese Torris  |  

Crowdfunding is flourishing all around the world, exhibiting double or even triple digit growth rates in many markets, from the US to the UK to China. Governments have seen this boom as both an opportunity and a challenge. From 2012 on, they started responding by… Read More