Regulatory Developments

Kraninger proposes to extend GSE patch, replace DTI measure

As questions loom as to what the secondary mortgage market will look like in two years, Consumer Financial Protection Bureau Director Kathy Kraninger decided the bureau should extend its temporary measure allowing for certain exceptions to its Qualified Mortgage standard, also known as the “GSE patch.” The letter also indicates that the CFPB plans to … Read more

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CFPB adds third former FTC member to taskforce

The Consumer Financial Protection Bureau has added a third alumnus of the Federal Trade Commission to its Taskforce on Federal Consumer Financial Law.  The bureau announced the selection of four members to serve on the taskforce earlier this month. Read on for more information about the late edition to the taskforce.

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FDIC, OCC: Geopolitical tensions mean more cyberrisk

Heightened geopolitical tensions mean financial institutions could be at higher risk of facing a cyberattack, according to the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC). With that in mind, the agencies issued a joint statement on “Heightened Cybersecurity Risk” urging financial institutions to reevaluate their information security … Read more

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Competent Authorities Responsible for the Authorisation and Supervision of Central Securities Depositories (CSDs)

Tuesday 21 January 2020 17:14

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Senators to IG: Investigate CFPB’s restitution practices

The reduced amount of restitution being collected by the Consumer Financial Protection Bureau (CFPB) under Director Kathy Kraninger has spurred a group of Democratic senators to mobilize, calling for an investigation by the Inspector General of the Federal Reserve. At the center of the lawmakers’ claims are four enforcement actions during Kraninger’s first year in … Read more

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Cybersecurity, Data and AML/Sanctions

Intel’s fourth quarter boom blows its troubles away

In his first year or so running Intel, new CEO Bob Swan has spent a stunning amount of time trying to reassure Wall Street that the world’s most dominant chipmaker for PCs and servers could thrive again. On Thursday, it was Wall Street that was stunned, as Intel reported sales and profits for the fourth … Read more

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George Soros to start $1 billion university to fight authoritarianism and climate change

Billionaire George Soros said he will commit $1 billion to start a global university to fight authoritarian governments and climate change, calling them twin challenges that threaten the survival of our civilization. The Open Society University Network will offer an international platform for teaching and research, the 89-year-old said Thursday at the World Economic Forum … Read more

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Financial Services AI Public Private Forum

The pursuit of artificial intelligence (AI) and use of machine learning (ML) are increasingly important fields of innovation in the financial services sector.

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Automation isn’t wiping out jobs. It’s that our engine of growth is winding down | Aaron Benanav

Automation is a red herring. The wider environment of slowing growth explains low labor demand largely by itself An army of robots now scrub floors, grow microgreens and flip burgers. Due to advances in artificial intelligence, computers will supposedly take over much more of the service sector in the coming decade, including jobs in law, … Read more

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Minnesota’s Sentry Bank selects CSI NuPoint

Minnesota-based Sentry Bank has selected Computer Services Inc (CSI) and its NuPoint core processing solution, as well as a hatful of online banking, mobile banking and payments tools. CSI announces its first deal of 2020 According to the vendor, Sentry Bank picked NuPoint to enhance its overall customer experience, particularly in the online banking and … Read more

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Crypto/Blockchain

Bitcoin’s Privacy and Scaling Tech Upgrade ‘Taproot’ Just Took a Big Step Forward

A privacy and scalability upgrade that could turn out to be one of bitcoin’s largest to date has passed a couple of milestones that were little noticed outside technical circles.  On Tuesday, Pieter Wuille, a Bitcoin Core contributor and the brains behind the update known as Taproot submitted a work-in-progress code change to GitHub in … Read more

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Paypal Pullout Prompts Pornhub to Add Tether as Payment Option for Its Adult Models

The porn industry is seen by many as a perfect fit for widespread cryptocurrency usage as it suffers from financial censorship far more than most businesses. When Paypal stopped servicing Pornhub models, the company hinted it might turn to digital currency as an alternative and now this has been accomplished with the Tether stablecoin USDT. … Read more

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Accused Bitcoin Launderer Vinnik Reportedly Arrives at French Hospital

According to a Facebook post by Alexander Vinnik’s lawyer, Zoe Konstantopoulou, the alleged BTC-e money launderer has successfully been extradited to France.  Social media update In a post on the social media site at UTC 8:10, Konstantopoulou wrote:  “Alexander is at Hotel Dieu Hospital in Paris, as my French colleague informed me, while the Greek … Read more

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Securities Regulator of India Bets on Blockchain

The Chairman of Security and Exchange Board of India(SEBI), Ajay Tyagi makes a bet on blockchain technology and urges exploration of the best possible usage of blockchain in securities markets. SEBI is the regulator of the Indian securities market. On Jan 23, speaking at a research conference on ‘Changing Landscape of Securities Market’ organized by … Read more

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Bitcoin Cash Miner Jiang Zhuoer Answers Infrastructure Funding Questions

On Wednesday, Btc.top founder Jiang Zhuoer disclosed that five mining operations had plans to donate roughly $6 million in coinbase rewards (depending on market prices) to developers building Bitcoin Cash infrastructure. The news was met with mixed reviews as some of the specifics of the deal were scrutinized and the miner funding subject has been … Read more

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Banking, Finance and Investment

CrowdStreet Reports Doubling Distributions in 2019 Topping $58 million

CrowdStreet, a real estate crowdfunding platform catering to accredited investors, has circulated an email stating that distributions doubled in 2019 alongside the size of its community. Launched in 2014, Crowdstreet claims more than $972 million has been raised and, since platform launch $99+ million in… Read More The post CrowdStreet Reports Doubling Distributions in 2019 … Read more

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Swiss Banking App Neon Eliminates Extra Fees For Card Payments Abroad

Neon, a Switzerland-based mobile banking app, announced on Monday it is eliminating extra fees for card payments abroad. The company revealed the exciting news by stating the following: “To pay so much in fees while abroad is just not ok anymore. Card payments and cash… Read More The post Swiss Banking App Neon Eliminates Extra … Read more

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Following Banner Year for Israeli Tech Exits, OurCrowd Highlights Investment Success with 36 Exits to Date

OurCrowd, the leading global investment crowdfunding platform and Israel’s leading venture investor, is out with a note on some of its exits in advance of the OurCrowd Global Investor Summit taking place in February, Israel’s largest tech conference and the largest equity crowdfunding event in… Read More The post Following Banner Year for Israeli Tech … Read more

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Islamic banking app Niyah launches in UK

Niyah, a challenger banking app, has launched in the UK for the Muslim community. It says it’s “the first fintech Islamic banking app and ethical financial marketplace platform” to launch in the country. The app is Shariah-compliant, which means the app will, for example, exclude investments which derive a majority of their income from the … Read more

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Update: Sustainable Transport Solution Magway Surpasses £1 Million in Funding Through Crowdcube Round

Magway, a UK-based startup offers a sustainable transport solution that moves goods through small pipes, has successfully raised more than 1 million through its equity crowdfunding campaign on Crowdcube. The funding round was launched last month, originally seeking 750,000 in funding. It has already attracted… Read More The post Update: Sustainable Transport Solution Magway Surpasses … Read more

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