Fintech regulations

Federal Reserve Chairman Jerome Powell said a messy breakup between the United Kingdom and European Union could pose risks to the economy and financial system.

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.

The industrial loan company charter is getting more attention as doubts grow about a new federal license for fintechs.

Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.

Although most consumer-facing financial institutions now offer mobile applications, that doesn’t mean that they are ready for a world where smartphones are the primary point of contact with their customers, writes Rune Sorensen, a product manager at Nets.

One bank's push to use Ripple's XRP in cross-border payments; LendUp spins off credit card business, names new CEO; a worrisome resurgence of rivalry among the banking agencies; and more from this week's most-read stories.

Nicolas Kopp, head of N26 in this country, explains how the company plans to spend a chunk of the proceeds on its expansion here and add to the intensifying competition among fintechs.

Whether it's the OCC's special-purpose charter, ILCs or some other option, observers see fintechs being able to obtain banking powers.

In venturing into what's normally a province of large banks, nbkc in Kansas City, Mo., discovered innovative tax-management and other products that it could offer to its own customers or sell to other banks.

The agency refuted claims by the Conference of State Bank Supervisors that the OCC was overstepping its authority.

The coming year will bring a wave of data-sharing deals between banks and fintechs, increased bank use of automated advice, marked changes to financial jobs as a result of automation, and much more.