Politics, Legal & Regulation

July 29, 2024 @ 3:12 pm By JD Alois  |  

The Chairman of the House Financial Services Committee, Patrick McHenry, has named Kim Betz as the new staff director for the Committee. McHenry issued a statement indicating Betz has been a close confident and top advisor during his tenure as the Chair. “Her deep experience… Read More

July 29, 2024 @ 11:24 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a statement affirming its mission to simplify and reduce the cost of firms in need of growth capital. The FCA seeks to reduce the burden on businesses raising money. The announcement follows the new “Consumer Duty,” which… Read More

July 28, 2024 @ 4:42 pm By Michael Wong  |  

Finance leaders from the Group of 20 major economies issued their first-ever joint declaration on Friday, Reuters reported. They committed to cooperating on effectively taxing the world’s wealthiest individuals. However, this unity masks deeper disagreements about the appropriate forum to advance this agenda. In their… Read More

July 27, 2024 @ 1:31 pm By JD Alois  |  

The UK is looking to boost access to capital for private firms – beyond the existing crowdfunding regime and established exchanges. Currently, for approved investment crowdfunding platforms it is difficult to raise more than £5 million due to prospectus requirements. The proposal aims to make… Read More

July 27, 2024 @ 1:00 pm By Michael Wong  |  

The central bank of the Philippines will resume accepting applications for digital banking licenses after a three-year moratorium, signaling a significant expansion in the burgeoning sector. Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said the number of available slots for new entrants will… Read More

July 26, 2024 @ 3:22 pm By JD Alois  |  

The Commodity Futures Trading Commission  (CFTC) says a US district court in Texas has ordered a Texas man, Abner Alejandro Tinoco, and his company, Kikit & Mess Investments, LLC, to fork over $31 million regarding crypto and forex fraud. According to the CFTC, the court… Read More

July 26, 2024 @ 11:12 am By JD Alois  |  

The UK is trying to reinvigorate its moribund public markets by making it easier to list shares and updating new rules. Today, the Financial Conduct Authority (FCA) is announcing final rules that will replace the current prospectus regulation to become a public firm. A consultation has commenced, closing in October…. Read More

July 25, 2024 @ 10:17 pm By JD Alois  |  

BlockFi, once a top crypto platform that eventually filed for bankruptcy, reported on X today that clients are now expected to receive 100% of outstanding (eligible) claims. Part of the equation is the company’s claims against FTX, which were purchased by investors. FTX has already… Read More

July 25, 2024 @ 12:38 pm By Omar Faridi  |  

The Malta Financial Services Authority (MFSA) has released a “Dear CEO” letter outlining the results emanating from a thematic review focused on Money Laundering Reporting Officers (MLROs) operating within Company Service Providers (CSPs) set up as corporate entities. As highlighted in the latest rendition of… Read More

July 25, 2024 @ 12:37 pm By Omar Faridi  |  

The UK’s Financial Conduct Authority confirms its plan to protect access to cash for consumers and small businesses. Banks and building societies will need “to weigh up if local communities lack access to cash services, like branches and ATMs, and plug significant gaps, under new… Read More

July 25, 2024 @ 12:33 pm By Omar Faridi  |  

Republican nominee and ex- U.S. President Donald Trump had once referred to cryptocurrencies as a “scam.” But now, Donald Trump will be speaking at an event on Saturday, the last day of the three-day Bitcoin 2024 convention in Nashville. Republican former candidate Vivek Ramaswamy, Senator… Read More

July 25, 2024 @ 12:24 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) is now targeting transaction fees on school lunches.  The CFPB pointed to the approximately 20 companies offering services to school districts nationwide. According to their data, transaction fees average 4.4% of the purchase or around $2.37. While this may… Read More

July 25, 2024 @ 9:59 am By JD Alois  |  

Described as a “landmark” event, the European Union (EU) and Singapore have inked a Digital Trade Agreement (DTA). The EU states that the goal is to emerge as a global standard setter for digital trade rules. The DTA is said to complement the existing 2019… Read More

July 25, 2024 @ 9:31 am By Omar Faridi  |  

CB Payments Limited (CBPL) has been fined £3,503,546 by the UK’s Financial Conduct Authority (FCA) for repeatedly breaching a requirement that “prevented the firm from offering services to high-risk customers.” CBPL is part of the Coinbase Group, which operates a cryptoasset trading platform that is… Read More

July 24, 2024 @ 1:24 pm By JD Alois  |  

The House Financial Services Committee has placed two more hearings of note on its calendar. First is a hearing on ESG, or Environmental, Social, and Governance—a buzzy word that took industry by storm only to recede as the nebulous concept emerged as a distracting political… Read More

July 23, 2024 @ 10:32 pm By Omar Faridi  |  

The U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) published a suite of resources to share with financial services institutions on effective practices for their secure cloud adoption journey. These deliverables are the result of a year-long public-private partnership of… Read More

July 23, 2024 @ 8:55 am By Omar Faridi  |  

AMF and Banque de France call for a well-anticipated move to T+1 Settlement Cycle. The Autorité des Marchés Financiers (AMF) and the Banque de France specifically call for a well-coordinated and efficient transition “to a T+1 settlement cycle for transactions on securities across the EU.”… Read More

July 22, 2024 @ 11:53 am By Omar Faridi  |  

The Federal Reserve Board this past Friday reportedly took action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million “for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.” Green Dot Corporation (NYSE: GDOT) is said to… Read More

July 22, 2024 @ 9:19 am By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) recently took action to make sure that consumers can dispute charges and obtain refunds on BNPL products and services, making BNPL lenders follow similar rules as credit card companies. So, what does this mean for banks and Fintechs? As… Read More

July 20, 2024 @ 9:22 am By Michael Wong  |  

South Kora’s Financial Services Commission (FSC) announced early this week that new stringent regulations targeting illegal transactions involving virtual assets will be enforced. The new legislation, known as the Virtual Asset Users Protection Act, mandates virtual asset exchanges to report illegal activities to the financial… Read More