Regulatory Developments

Blefari to deliver NS3 keynote address on opening day

HomeServices of America CEO Gino Blefari will kick off the 17th annual National Settlement Services Summit (NS3) in Naples, Fla., by delivering the keynote address on Aug. 31, the conference’s first day. Other first-day speakers will discuss the growing cannabis industry, the secrets to landing referrals, and state regulatory trends around the country. Read on for more … Read more

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US regulator joins NGFS

OCC follows Fed into green network and appoints climate change risk officer

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OCC rescinds 2020 CRA rule

The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and finalized June 2020. The agency stated it was committed to working with the Federal Reserve Board and the Federal Deposit Insurance Corp. to issue a joint rulemaking to “strengthen and … Read more

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CFPB enters stipulation regarding Section 1071 NPR

The Consumer Financial Protection Bureau entered a stipulation requiring the bureau to issue a notice of proposed rulemaking on the regulations to implement Section 1071 of the Dodd-Frank Act by Sept. 30, 2021. The stipulation and proposed order are related to a case in the U.S. District Court for the Northern District of California.  Read … Read more

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NCUA charters new credit union

The National Credit Union Administration has granted its second federal credit union charter this year. Community First Fund Credit Union in Lancaster, Pa. is sponsored by Community First Fund, a nonprofit community development financial institution. Read on for more details.

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Cybersecurity, Data and AML/Sanctions

Kenya AI startup receives pre-seed round investment from EchoVC

EchoVC proudly announces a pre-seed investment into KOSA.ai – an AI-driven startup running an automated responsible platform that supports enterprises in building and deploying AI systems. The raise also drew participation from APX, Dale Mathias, TheContinent Venture Partners, Fine Day Ventures, and Arch Capital. Artificial Intelligence (AI) technology affects both consumers and enterprises in a manner … Read more

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Rising Ad Spend On YouTube, Search, Shopping Drive Record Q2 Results At Google

It may have taken 16 years, but YouTube is finally growing up, at least in terms of being a viable growth driver for the world’s largest search engine, Google, and its parent company Alphabet. For the three months ending June 30, the online video sharing and social media platform booked its highest revenues ever, delivering … Read more

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Webinar: Unmortgage your mortgage processes with data

Historically, mortgages are one of the most paper-driven processes in banking, affecting the overall customer experience. Today, with competition high for customers’ signatures, the best rates alone are not the only thing being considered. Customers expect the “right here, right now” experience, and if they are unable to get this from one company, they will … Read more

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Convergence Partners to support digital inclusion in Africa with $120M fund

Convergence Partners will lead the charge for digital inclusion in Africa after closing its third fund a $120 million raise – the Convergence Partners Digital Infrastructure Fund (CPDIF). The fund aspires to hit a final $250 million. Convergence Partners stands out as the largest private equity fund fixated on Africa’s digital infrastructure with over $400 … Read more

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How AI can help identify front and shell companies

In recent years, financial crime scandals involving front and shell companies have led to fines of hundreds of millions, even billions, of dollars. Detecting front and shell companies can help banks and fintechs avoid huge regulatory fines Illicit actors have long used these anonymous entities for money laundering, terror financing, tax evasion and other financial … Read more

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Crypto/Blockchain

Consumer warning on Coinburp Limited

The FCA has become aware of promotional material indicating that Coinburp Limited (the Firm) is intending to launch the CoinBurp $BURP Token and Initial DEX Offering on Monday 26 July 2021.  The Firm does not yet hold full FCA Registration under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations … Read more

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MicroStrategy pledges to buy more BTC despite paper loss on its holdings of $424.8M in Q2

Business intelligence and mobile software firm MicroStrategy has pledged to buy more Bitcoin despite reporting impairment losses of $424.8 million in Q2. This is only a paper loss however based on the price of Bitcoin at the end of the quarter and does not reflect a realized loss. Depending on how you add the figures … Read more

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Robinhood Closes 8 Pct Down On First Trading Day

Robinhood shares closed out their first day of trading on the Nasdaq down over 8 percent, About: Communities coalesce in times of crisis like the recent calamity now fading — but leaving a decimated pool of small and medium businesses (SMBs) in … Read more

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Newegg Breaks eRetailer Ground With Litecoin Payments Via BitPay

Digital electronics retailer Newegg now accepts Litecoin on the BitPay platform. Newegg’s international customer base can soon have the option of paying for merchandise with Litecoin using the BitPay Wallet app. Newegg Senior Brand Manager About: Communities coalesce in times of crisis … Read more

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Shanghai Man: Crypto recovers, disasters strike, and China’s crackdown moves to other sectors

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.   It was a tumultuous week in China outside the financial world with severe flooding hitting Zhengzhou and typhoon In-Fa lashing into cities around … Read more

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Banking, Finance and Investment

AIA Malaysia to Acquire Minority Stake in TNG Digital, Owner of Touch n’ Go Digital Wallet

AIA Malaysia reveals that it will be acquiring a minority stake in TNG Digital, which is the owner of Touch ‘n Go digital wallet. This deal will reportedly be a key part of a long-term strategic partnership. The Edge reported that this transaction should make… Read More The post AIA Malaysia to Acquire Minority Stake … Read more

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Podcast 308: B.C. Silver of The Change Company

[Editor’s Note: There will be no new Fintech One•On•One episode next week as I will be on vacation.] In many ways the racial wealth gap has it roots in the financial system. It was one the driving forces behind the Community Reinvestment Act of the 1970s but clearly that did not solve the problem. We … Read more

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Bank Holidays ALERT! Banks CLOSED TODAY on the occasion of Bakri Id (Id-Ul-Zuha), banks will remain closed on THESE days as well – check details here

Today is a bank holiday due to Bakri Id (Id-Ul-Zuha). The bank customers must note that they will not be able to withdraw and deposit money at the bank branches due to the holidays. However, ATMs, mobile banking and online banking services will be available.

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European P2P Lending Plaform Mintos Changes Status for E-Cash, Dziesiatka

European peer-to-peer lending platform Mintos has reportedly changed the status for E-Cash and Dziesiatka on its platform. The Mintos team writes in a blog post: “Along with proceeding with the recovery of funds from E-Cash and Dziesiatka, we are changing the status for both lending… Read More The post European P2P Lending Plaform Mintos Changes … Read more

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NatWest rolls out carbon emissions app

NatWest is to embed a free carbon footprint tracker within its mobile banking app to help customers reduce the climate impact of their spending.

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