Regulation

The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license.

A protectionist banking policy could lead to reprisal from overseas regulators, financial instability and less cross-border business.

The Basel III capital requirements are making it hard for banks to stay in the servicing business, said David Motley, president of Colonial Savings. Their exodus from the market indirectly hurts consumers, he argued.

Banks are woefully unprepared to face potential cybersecurity threats stemming from third-party technology providers, according to a report issued Wednesday by the Federal Deposit Insurance Corp.’s independent watchdog.

Rep. Blaine Luetkemeyer, the chairman of the House financial institutions subcommittee, said Wednesday that he plans to reintroduce a bill that would change the way banks are designated as systemically important.

Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.

Senate Banking Committee Chairman Mike Crapo said Wednesday that although he plans to begin working on housing finance reform and changes to the Dodd-Frank Act, the poor relationship between Democrats and Republicans will hinder any progress.

Linda McMahon, who married into one of wrestling’s founding families and helped build the WWE into the largest professional wrestling company in the world, was confirmed Tuesday as the head of the Small Business Administration.

The Online Lending Policy Institute says it aims to fill a gap in fintech research.

Jan Owen, California's commissioner of business oversight, on Tuesday invited representatives of 13 fintech companies to a "frank, constructive dialogue" on the obstacles they face with state licenses.