Regulatory Developments

Federal Reserve Board announces it will extend until January 22, 2020, comment period for its proposal to establish risk-based capital requirements for certain insurance companies supervised by the Board

Federal Reserve Board announces it will extend until January 22, 2020, comment period for its proposal to establish risk-based capital requirements for certain insurance companies supervised by the Board

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OCC, FDIC issue proposal to ‘modernize’ CRA standards

Agency officials offered insight about their new proposal to clarify and modernize Community Reinvestment Act requirements during a press conference hosted by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. prior to releasing a joint advance notice of proposed rulemaking on the matter. In addition to addressing what activities … Read more

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CRA proposal exposes rift among regulators, advocacy groups

The Federal Reserve’s foot-dragging in endorsing the newly proposed changes to Community Reinvestment Act (CRA) requirements, issued Thursday by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., is not the only evidence of a split among regulators on the best approach to updating regulations implementing the more than 40-year-old … Read more

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FDIC proposes updates to brokered deposits framework

A plan to modernize the regulatory framework governing brokered deposits proposed by the Federal Deposit Insurance Corp. (FDIC) seeks to account for nearly three decades worth of changes in the banking landscape. The proposal would establish a new framework for analyzing whether deposits placed through deposit placement arrangements qualify as brokered deposits. Learn more about … Read more

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ESMA provides information on pending applications for benchmark administrators

ESMA provides information on pending applications for benchmark administrators Friday 13 December 2019 15:41 The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today made available information on pending authorisation/registration applications by EU-based administrators under the Benchmark Regulation (BMR).  The BMR became effective on 1 January 2018 and seeks to increase … Read more

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Cybersecurity, Data and AML/Sanctions

Apple’s Busy Week: a $52,000 Mac Pro and an Acquisition of Better Camera Technology

Apple’s past week was a decidedly busy one, with an acquisition of a small startup that could help improve the quality of the iPhone’s camera, and the release of a Mac Pro that can cost as much as some sports cars. And in the strangest twist of all, Apple said customers can only clean the … Read more

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New Facebook AI Doubles Detection Of Fake Accounts

Facebook has been using a new type of artificial intelligence (AI) to identify and delete hundreds of millions of fake accounts, according to a report by VentureBeat. In its most recent Community Standards Enforcement Report, the company said it has removed 3.2 billion fake accounts between April and September of this year, which is more … Read more

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eBay Releases New AI App For Fast Car Listings

Online marketplace and auction site eBay has released eBay Motors, a new app that uses artificial intelligence (AI) to list a car in under five minutes, according to a report by The Verge. The app is a replacement for the previous eBay Motors app, which was discontinued in 2015, and it’s available in the U.S. … Read more

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Walmart India Backs Grocery Supply Chain Startup Ninjacart

Walmart India is investing in B2B supply chain management startup Ninjacart, a company that specializes in streamlining the strategic sourcing operations of the grocery sector. Reports in Fresh Plaza on Friday (Dec. 13) said that Walmart India, alongside Flipkart (which was acquired by Walmart in 2018), led the investment in Ninjacart for an undisclosed sum. … Read more

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The Markets Have Spoken: Phase One Trade Deal Between the U.S. and China Is ‘No Victory’

From Shanghai to London, stocks rallied on Friday morning as a “Phase One” trade deal was reached between China and the Trump Administration—that is, until the details were announced. By noon in New York, the major indices still trading were swooning, with the S&P 500 and Dow Jones Industrial Average in negative territory, ceding big … Read more

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Crypto/Blockchain

State Street survey: 94% of big asset managers to invest in crypto by 2020

Large institutional investors aren’t just starting to get into digital assets, they’re already there, according to a survey by one of the biggest financial services firms in the United States. According to State Street Corporation, 94% of the 101 large asset managers and owners who responded said they either have digital assets under management or … Read more

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Another smackdown for Tron’s Justin Sun

Tron CEO Justin Sun’s exuberant marketing skills may have come back to bite him again. And Tron (TRX) coin holders are along for the ride. Sun’s Weibo account was shut down on Dec. 12, according to Dovey Wan, a founding partner at venture capital firm Primitive Ventures. Weibo is the Chinese social media equivalent of Twitter. … Read more

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Three charged in BitClub Network’s alleged $722 million bitcoin Ponzi scheme

A Ponzi scheme that stole $722 million from investors in a fraudulent cryptocurrency mining pool has been broken up by FBI and IRS agents, according a federal indictment. Craig Carpenito, the U.S. Attorney for the District of New Jersey, announced on Dec. 10 that three men were charged with various counts of conspiracy to commit … Read more

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Lawyers suing Craig Wright: Modern Consensus reporter Rick Rolled us

The lawyers suing Craig Wright for $3.6 billion just complained to a judge that a Modern Consensus reporter rickrolled them on Twitter. Seriously. As we reported, attorneys representing the brother of Wright’s late partner Dave Kleiman have been trying to subpoena a recording of Modern Consensus journalist Brendan Sullivan’s exclusive phone interview with Wright. It … Read more

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LedgerX founders Paul and Juthica Chou ousted after futures debacle

The timing had to hurt. On Dec. 9, LedgerX derivatives exchange CEO Paul Chou and his wife Juthica, the COO, were unceremoniously removed by the board of the company they founded.  While no explanation was given, LedgerX suffered a huge and embarrassing setback over the summer. It wrongly announced that it had beaten several much-larger … Read more

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Banking, Finance and Investment

Latvia’s Robocash set to raise $5m for P2P investments in Southeast Asia

Robocash Group, the Russia-founded and Latvia-headquartered operator of peer-to-peer (P2P) lending platform Robo.cash, is expecting to raise $5 million within the next six months from European investors to aid the business development of Southeast Asia”. The European firm has integrated Robo.cash with its Singapore-based company Robocash Pte, allowing users to invest in Singapore and the … Read more

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Global Property Investment Platform Bricksave Now Seeking £600,000 in Funding on Seedrs

Bricksave, a UK-based property investment platform, has launched an equity crowdfunding campaign on Seedrs. The company is currently seeking £600,000 in funding while offering 13.03% in equity at a £4,004,000 pre-money valuation. Founded in 2015, Bricksave provides individuals direct access to institutional-grade real estate investments…. Read More The post Global Property Investment Platform Bricksave Now … Read more

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NYDFS to change BitLicense rules

Superintendent of Financial Services Linda A. Lacewell announced today that the New York State Depar…

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FDIC seeks comment on rulemaking process

The Federal Deposit Insurance Corporation (FDIC) has published a request for information in the US Federal Register, seeking input on how it approaches its rulemaking. The FDIC, which is one of two agencies in the US which provide deposit insurance, oversees commercial banks and savings institutions. At the end of 2018 it insured 5,406 different … Read more

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Do Tencent, Alipay Have A Place In China’s Digital Currency Ecosystem?

For China: Digital currency, yes. But not bitcoin. Blockchain? Yes. But not bitcoin. The price of bitcoin, that marquee name in cryptocurrencies, has plummeted in the last several weeks, down roughly 20 percent at this writing to a recent $7,400, where the price had been more than $9,400 a month ago. Whether you believe in bitcoin’s potential … Read more

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