In a decision long anticipated by the fintech industry and opposed by multiple state regulators, on July 31 the Office of the Comptroller of the Currency (OCC) announced it will accept applications for special purpose national bank charters for fintech companies.
The California Department of Business Oversight (DBO) released a pair of reports on installment consumer lending for 2017, finding that the combined dollar amount of installment consumer loans by nonbanks in the state fell almost 10 percent over the prior year.
2017 was a banner year for digital finance, as cryptocurrency made headlines, the SEC cracked down on ICOs, alternative lenders broadened their portfolios and the industry entered the mainstream.
The SEC has filed charges against multiple ICO sponsors alleging securities law violations.
The Securities and Exchange Commission (the Commission) has put its digital money where its mouth is.
What is cryptocurrency? This is an important question to address because it is a digital technology that is quietly transforming our financial landscape in a very big way.
In an investigative report and investor bulletin, the SEC concludes that offers and sales of cryptocurrency coins and tokens may be subject to federal securities laws.
In a party line vote, the House of Representatives approved the Financial CHOICE Act of 2017. If signed into law, this legislation would profoundly alter the financial services regulatory landscape put in place after the 2007–08 financial crisis.
A key banking regulator has published draft licensing standards that could fundamentally change how financial technology companies operate and are supervised in the United States.
A federal judge has ruled that New York law—not Delaware law as the parties agreed in the initial loan agreement—applies to the defaulted borrower's claims and has certified a class action against the debt collector.