Fintech regulations

New York Attorney General Eric Schneiderman asked 13 cryptocurrency exchanges for detailed information about their operations as part of a "fact-finding inquiry."

Comptroller of the Currency Joseph Otting laid out an ambitious regulatory reform agenda Monday, telling a group of community bankers that he is committed to CRA upgrades, new flexibility in BSA compliance and other measures.

Readers react to a drive for more public banks, weigh in the launch of an online-only bank, chime in on what millennials need and more.

More than a decade ago, bankers fought Walmart tooth and nail as it made forays into banking. But with Amazon making more moves into financial services, the reaction is very different.

The new law, which is modeled on a similar effort in the United Kingdom, aims to lure financial firms to the desert. It has drawn support from business organizations but opposition from consumer groups — a dynamic that is likely to be replayed in other states.

Behavioral biometrics are attractive because they are easy to implement, hard for criminals to spoof and not subject to the same privacy protections applied to thumbprints or retina scans.

Senior leaders at the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said they want examiners to be more understanding of the budding partnerships forming between banks and fintech firms.

The online retailer wants to offer customers checking accounts but won’t become a bank; Quarles says the rule is too complex and “not working well.”

State-level support will give the digital assets industry much needed footing, said Caitlin Long, a former managing director at Morgan Stanley.