Regulatory Developments

OCC proposes rule to codify ‘valid-when-made’

In an effort to address confusion over the “valid-when-made” doctrine, which prevents loan interest rates from being altered after changing hands, the Office of the Comptroller of the Currency (OCC) is seeking industry input on a proposed rule on the matter. With the proposed rule, OCC hopes to clarify that when a national bank or … Read more


FHA: MMI Fund, reverse mortgages improving

Revealing that the agency’s Mutual Mortgage Insurance Fund reached a 12-year high for Fiscal Year 2019, the Federal Housing Administration instilled optimism in the mortgage industry with its Annual Report to Congress. The report also highlights continued improvements in the struggling reverse mortgage marketplace and an increase in the small percentage of mortgages with multiple … Read more


Agencies finalize Volcker Rule revisions

The five federal financial regulatory agencies recently published a final rule intended to simplify implementing regulations of Section 13 of the Bank Holding Company (BHC) Act, commonly known as the Volcker Rule. The final rule revises numerous provisions of the Volcker Rule, intended to provide clarity and streamline compliance obligations based on trading assets and … Read more


CFPB issues rule on temporary origination authority

For financial institutions that employ loan originators with temporary origination authority, the Consumer Financial Protection Bureau (CFPB) published a new interpretive rule regarding applicable screening and training requirements. The rule is intended to clarify provisions of an amendment to the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act, as amended by the Economic Growth, … Read more


New-home sale prices decline

The third-quarter drop in new-home sale prices was the biggest since at least 2012 and the third consecutive quarterly decline. Read on for more details.


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Cybersecurity, Data and AML/Sanctions

Can AI Pass The Nike Test?

There is often a significant gap between efficiency and creativity, and that’s playing out now in the world of artificial intelligence (AI), and could have impacts on payments and commerce. The first stop on this small tour of ongoing AI developments involves Nike, the iconic global shoe brand. Jean-Baptiste Le Divelec, who on his website … Read more


Lawmakers Want Amazon To Explain Ring’s Data Privacy Practices

Five senators wrote a letter to Amazon CEO Jeff Bezos, asking him to explain how security surveillance company Ring uses peoples’ data and video, according to a report by CNBC. Sens. Ron Wyden of Oregon, Chris Van Hollen of Maryland, Ed Markey of Massachusetts, Chris Coons of Delaware and Gary Peters of Michigan sent a … Read more


Apple CEO Tim Cook on the False Tradeoffs in Data Collection, A.I., and Gay Marriage

Apple CEO Tim Cook believes that one of the biggest “false tradeoffs” that companies make when it comes to artificial intelligence is believing that the more data businesses collect, the better their A.I. technologies will be. Speaking on Tuesday in San Francisco during Salesforce’s annual Dreamforce conference, Cook discussed with Salesforce CEO Marc Benioff his … Read more


Big Tech’s Bugs Beg the Question: Should You Cover Your Smartphone Camera?

Covering laptop cameras with a piece of tape to prevent surveillance is a common cybersecurity practice. But recent headlines suggest that naked smartphone cameras may be a bigger threat to privacy than webcams. Earlier this week, Google confirmed an Android smartphone camera vulnerability discovered in July that affected hundreds of millions of users, including on … Read more


Estonian President Kersti Kaljulaid on NATO, Russia, and Building a Digital Nation

As Russia, Ukraine, the United States, and the European Union continue to butt heads over a range of territorial, anti-corruption, military, trade, and security issues, the Republic of Estonia finds itself caught in the middle—quite literally.  The country shares large borders with Russia, Latvia, Finland, and Sweden.  Estonia also has a very large and isolated … Read more


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Brazil’s new FX low is not the financial record to watch

The news flashed across social media and was picked up by national TV news and the newspapers. It caused much hand-wringing and anxiety – not least as these stories were often accompanied by photographs of supporters of the impeachment of Dilma Rousseff holding signs in 2016 saying: “I want my R$1.99 to the dollar back” … Read more


US Think Tank Releases Report on Investigation Into Illicit Transactions on the Dark Web

United States think tank The Rand Corporation has taken a closer look at the dark web, where criminal activities are difficult to discover, monitor, and investigate for law enforcement. On Nov. 20, The Rand Corporation, the Police Executive Research Forum, and the University of Denver on behalf of the National Institute of Justice released a … Read more


PayPal CEO Hodls Bitcoin and Only Bitcoin

Dan Schulman, CEO of payment processor PayPal, revealed during an interview that he does indeed own Bitcoin (BTC). On Nov. 20, Fortune reported that PayPal CEO Dan Schulman stopped by its offices where he discussed a variety of topics, including the reason for PayPal’s withdrawal from the Libra Association and whether he is the proud … Read more


UK Jurisdiction Taskforce Issues Statement on Status of Cryptoassets and Smart Contracts

A UK Jurisdiction Taskforce (UKJT) has published a document entitled “Legal Statement on cryptoassets and smart contracts.” The members of this Taskforce include a blend of both public and private entity participants. The UK has established itself as the leading jurisdiction when it comes to Fintech innovation. Beyond a risk-taking, entrepreneurial society, the UK ecosystem … Read more


Paypal CEO Admits He Owns Bitcoin

The CEO of Paypal, Daniel Schulman, has revealed in an interview that he personally owns bitcoin. He also talked about Paypal’s plans regarding cryptocurrency, how to achieve mass adoption, and why Paypal decided to leave Facebook’s Libra project. Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines Schulman Owns Bitcoin Daniel Schulman, … Read more


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Banking, Finance and Investment

Maduro Plans to Give Venezuelan Pensioners Petro as Christmas Bonus

Regional news outlets from Venezuela have revealed that President Nicolás Maduro plans to dole out petro as a ‘Christmas bonus’ for Venezuelan retirees and pensioners. Moreover, despite the fact that many Venezuelans say average citizens don’t use the petro, Maduro also claims there are 27,000 petro affiliated businesses. Also read: Indian Supreme Court Wraps up … Read more


OP Financial chooses Nordic API Gateway for open banking

OP Financial Group has chosen Danish fintech Nordic API Gateway for its open banking platform. The start-up, created by Danish fintech Spiir, will implement OP’s account information services (AIS) and account-to-account payment integration (PIS). OP Financial Group SVP Masa Peura and Nordic API Gateway’s CEO and founder Rune Mai “With the second payments derivative (PSD2) … Read more


UK Fitness Marketplace Hussle Quickly Raises £1.3 Million Through Crowdcube Funding Round

Hussle, a UK-based fitness marketplace, has successfully secured more than £1.3 million through its equity crowdfunding campaign on Crowdcube. The platform, which originally sought to raise £1 million, is offering 2.60% in equity at a £50 million pre-money valuation. Founded in 2009, Hussle describes itself… Read More The post UK Fitness Marketplace Hussle Quickly Raises … Read more


Presidential Candidate Andrew Yang Discusses His Plan for Cryptocurrencies

Presidential candidate Andrew Yang has detailed his plans to regulate the digital economy if he were to become the President of the United States. Yang’s recent blog post called “Regulating technology firms in the 21st century,” explains how the candidate believes current American legislators are out of touch with innovative technologies. Also Read: Andrew Yang’s … Read more


Longhash Blockchain Researchers Dispute 2017 ‘Single Whale’ Theory

Research from crypto analytics firm Longhash claims to have debunked the recent single-whale theory of the 2017 Bitcoin bull run. Blockchain education platform Longhash has released research that it claims debunks the recent single-whale theory of the 2017 Bitcoin (BTC) bull run. On Nov. 18, researchers at crypto analytics firm Longhash announced that they have … Read more


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