Fintech regulations

The payments and financial services industry has enjoyed an unprecedented wave of invention, but the fruits of that labor are threatened by an ideologically driven political climate that complicates the evolution of global interoperable mobile-driven commerce.

A wide range of Republican priorities that affect the payment, retail and fintech industries could stall or entirely flame out if Democrats make substantial gains in Tuesday’s midterm elections.

Policymakers and industry officials should join forces in creating regulations and standards for cryptocurrencies, artificial intelligence and other innovations before they become more widespread.

Policymakers have called for streamlined disclosures for customers granting third parties access to their financial account data. They don’t have to look far for a potential solution.

Instead of focusing on testing grounds for fintech startups, regulators should develop initiatives to improve their own oversight and compliance technologies.

Jelena McWilliams has signaled a thaw in the agency’s approach to industrial loan companies, but she said tech firms and other nonbanks seeking charters should face the same level of regulatory scrutiny as more traditional banks.

The approval marks the New York’s bank regulator 12th license to a crypto-related business.

One of the country’s 50 largest banks hires a female CEO, making JPMorgan Chase’s Kelly Coffey only the third woman in that exclusive club. Bank of America’s Michelle Moore exits the workforce. And sexual harassment prompts a walkout at Google.

What keeps execs up at night in the payments, retail and banking industries? Quite a lot, including disruption from tech giants and competition from foreign rivals.

From Democrats winning control of Congress to an escalating trade war and technology companies applying for a fintech charter, there are plenty of scary prospects facing the industry.

The money manager plans a big expansion in Atlanta; agency makes now rare determination that debt-collection practices were “abusive.”

Policymakers have called for streamlined disclosures for customers granting third parties access to their financial account data. They don’t have to look far for a potential solution.

State regulators have once again sued the OCC, arguing it lacks legal authority to offer a federal fintech banking charter.

“We have actually discouraged banks from innovating,” FDIC Chairman Jelena McWilliams said in announcing a move that other agencies have made.

Federal and state regulators are at odds over the Office of the Comptroller of the Currency’s new licensing program, but there are ways to improve current law to appease both sides.

The Bank of Lithuania is positioning the country’s capital Vilnius as a hub for payments-related fintechs wanting to enter the European market — a move that's timed to take advantage of the uncertainty Brexit has cast over London's claim to the title.

A recent study concluded there are first-mover benefits for banks that embrace open banking. But many executives see its risks instead.

Despite being barred from the securities industry by the SEC, LendingClub’s founder has found plenty of people to back his latest venture — and that’s a problem.

Readers react to efforts to improve bank branches, weigh the Consumer Financial Protection Bureau's decision to pull back on enforcing the Military Lending Act, consider efforts to build finetch sandboxes and more.

Regtech — the intersection of regulatory compliance and financial innovation — is still taking shape in the U.S with some pushing for "tech sprints" to speed the development of new tools, while some see new threats and opportunities looming in the space. Following is a look at hot-button topics at American Banker's RegTech summit.