Lalita Clozel covers fintech regulation, anti-money-laundering, cybersecurity and the Federal Deposit Insurance Corp. in American Banker's Washington bureau.
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The Consumer Financial Protection Bureau on Tuesday filed an enforcement action against Top Notch Funding, accusing it of scamming NFL concussion sufferers and 9/11 victims.
September 19 -
The payments processor Square has big plans in banking — but even after filing an application to charter an industrial loan company, it still doesn’t see itself as a competitor to most financial institutions.
September 19 -
The Independent Community Bankers of America had initially called for a moratorium in response to SoFi's application, and says now that Square's bid "has significantly increased our concerns."
September 15 -
The Consumer Financial Protection Bureau issued its first "no-action letter" to an online lender that uses alternative data to determine creditworthiness and loan pricing.
September 14 -
The changes are aimed at aligning requirements with a new Consumer Financial Protection Bureau rule under the Home Mortgage Disclosure Act.
September 13 -
Square became the third fintech firm in recent months to seek out a bank charter. Others are likely to follow.
September 11 -
The legislation introduced by Reps. Jared Polis, D-Colo., and David Schweikert, R-Ariz., would allow cryptocurrency users to make transactions of up to $600 without paying taxes.
September 7 -
The changes to the National Multistate Licensing System will include a more customized user experience for companies and functionality for states to share examination data.
September 7 -
The company's application, which is expected to be announced as early as Thursday, comes after the online lender SoFi applied in June for an industrial loan charter. The bank is expected to be led by a former Green Dot executive.
September 6 -
The Consumer Financial Protection Bureau has fined a California-based lead aggregator and its owner hundreds of thousands of dollars for allegedly directing consumers toward illegal loans that would be void in their states.
September 6