Fintech regulations

Big data and artificial intelligence will allow banks to do more for small businesses, former SBA head Karen Mills argues.

The bipartisan legislation would establish a task force to study how bad actors exploit new technologies and reward tips that lead to criminal convictions, among other things.

There’s no reason for the central bank to prohibit nonbank financial firms from entering the payments system as long as appropriate rules are put in place to protect against risk.

As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option.

There’s no reason for the central bank to prohibit nonbank financial firms from entering the payments system as long as appropriate rules are put in place to protect against risk.

EU states such as Belgium, Lithuania and Ireland are offering e-money institution, payments institution or banking licenses to fintechs, which can be passported across Europe, in anticipation of the U.K. losing its ability to do so after Brexit. But there is no cross-border deposit protection for European consumers holding accounts at EU banks with passported licenses.

Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, wants the panel to look into how Britain's move to leave the EU – which has rankled credit unions across the pond – is impacting the U.S.

Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, urged Chairwoman Maxine Waters, D-Calif., to prioritize certain "critical areas" in the new Congress.

Large financial institutions need to adopt a new mindset to compete with tech startups, one that allows them to take risks and put aside legacy systems.

Brian Knight at George Mason University says fintechs will be held accountable for legal violations in sandboxes — and banks can use sandboxes, too.