The Financial Technology Association (FTA) has issued a statement criticizing the Consumer Financial Protection Bureau’s new rules addressing digital payments and transfers. The CFPB revealed final rules today that are said to “strengthen oversight of large technology firms in consumer financial markets” that offer digital… Read More
The Financial Technology Association (FTA) this week spoke out against the Consumer Financial Protection Bureau’s (CFPB) final interpretive rule on BNPL products. FTA president and CEO Penny Lee said the two organizations share the goal of consumer health. However, the CFPB’s results are inadequate. “Millions… Read More
Yesterday, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule impacting buy now pay later (BNPL) providers. BNPL providers have emerged as a popular alternative to credit cards, as their interest rates are typically lower than credit cards. At the same time, many platforms… Read More
The Financial Technology Association (FTA) has issued a statement on the Protecting Innovation in Investment Act. The FTA supports the legislation, explaining that it will support consumers ability to benefit from wealth-building services by blocking the Securities and Exchange Commission (SEC) from undermining tech advancement… Read More
The Financial Technology Association (FTA) has posted a comment letter criticizing the Consumer Financial Protection Bureau (CFPB) and a proposed rule on digital payments. The FTA represents the interests of big Fintech firms like Stripe, Wise, Block, and others. The CFPB announced the proposed rule… Read More
The Small Business Technological Advancement Act (S. 2330) aims to update the Small Business Administration’s 7(a) loan program with the ability to utilize more digital tools. The short legislative act is outlined as follows: “The Small Business Act (15 U.S.C. 636(a)) is amended by adding… Read More
The Financial Technology Association (FTA) welcomed Pipe as its newest member. Pipe claims it is “the modern capital platform, built to connect entrepreneurs, and small and mid-size business owners to fast, frictionless, dilution-free financing, helping them scale and operate on their terms.” Penny Lee, President… Read More
The House Subcommittee on Financial Institutions and Monetary Policy, part of the Financial Services Committee, will discuss banking and the need to improve the regulatory environment in light of emerging technology. The hearing, Revamping and Revitalizing Banking in the 21st Century, will review ways regulation… Read More
The Financial Technology Association (FTA) has selected Leigh Lytle, head of North American Policy at Plaid, as the 2023 Chair of the FTA Board of Directors. Before joining Plaid, Lytle spent more than 15 years at the Federal Reserve Bank of San Francisco. According to… Read More
Earlier today, during Money20/20, CFPB Director Rohit Chopra commented on the concept of Open Banking (or Open Finance) alongside his perspective on the CFPBs “new approach to regulation.” Chopra stated: “This week, the CFPB will launch the process to activate a dormant authority under Section… Read More
The Financial Technology Association (FTA) has hired a new Head of Policy and Government Relations, according to a release. The FTA has appointed Angelena Bradfield to help guide the association’s regulatory and legislative efforts. Bradfield previously was Senior Vice President for AML/BSA, Sanctions and Privacy… Read More
The Financial Technology Association (FTA) has posted research on the Buy Now Pay Later (BNPL) sector that highlights the positives of the Fintech service. The survey, created in partnership with the Morning Consult, arrives on the same day that the Senate Banking Committee held a… Read More
PayPal (NASDAQ:PYPL) and Intuit (NASDAQ:INTU) are the newest members of the Financial Technology Association (FTA) according to a statement by the group. The two big tech firms join a growing roster of Fintechs aiming to have their voices heard inside the beltway. Names like Block,… Read More
The Financial Technology Association (FTA) has issued a statement regarding potential changes to the Community Reinvestment Act (CRA). The CRA is a law that seeks to encourage financial institutions to serve diverse communities, including low and moderate-income neighborhoods. Recently, several federal institutions, including the FDIC,… Read More
The Financial Technology Association (FTA) has issued as statement on the confirmation of four nominees to the Federal Reserve’s Board of Governors, including Chair Jerome Powell, Vice Chair Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson. Penny Lee, CEO of the FTA, stated: “The… Read More
Zilch, a UK-based buy now, pay later (BNPL) credit provider, has joined the US-based Financial Technology Association (FTA) in advance of an expansion into the US. According to a note from the FTA, the advocacy group now has 20 Fintechs as members from diverse sectors… Read More
The Financial Technology Association (FTA) submitted a comment regarding the Consumer Financial Protection Bureau (CFPB)’s request for feedback on “junk fees” that drive up the cost of goods and services, including financial services. The FTA letter states that many of their members launched to target… Read More
The Financial Technology Association (FTA) has added MoneyLion to its roster of members. MoneyLion is a mobile banking app or neobank that provides services in partnership with MetaBank. The FTA advocates on behalf of the growing Fintech sector providing an important voice within the District… Read More
The Financial Technology Association (FTA) has submitted a comment letter in response to the Consumer Financial Protection Bureau’s (CFPB) review into Buy Now Pay Later (BNPL) platforms. The FTA represents several BNPL providers including Afterpay, Figure, Klarna, Sezzle, and Zip. Last December several Democrat Senators… Read More
Financial Technology Association (FTA) CEO Penny Lee has published an Op-Ed on Buy Now-Pay Later (BNPL) services a Fintech service that has suffered from “misinformation.” BNPL services are frequently at the point of sale when a purchaser is given the option for credit to pay… Read More
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