Fintech regulations

As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.

Control of Congress was still in play late Tuesday, as the Democrats retained control of the House of Representatives while neither party gained the necessary seats to control the Senate.

U.K. fintech Currensea has launched its first open banking-based debit card for British small businesses trading internationally. The card, which links to users’ existing high street bank accounts, builds on the pre-open banking concept of a decoupled debit card.

Ludwig, an ex-banking regulator and CEO of Promontory Financial Group, describes how economic conditions for middle- and low-income Americans have declined and advocates a living wage, investment in infrastructure, smart regulation and other solutions.

The Paycheck Protection Program and encouraging digital innovation are top priorities for James Edwards, CEO of United Bank in Georgia. He also expects the American Bankers Association to promote diversity and regulatory reform in the next year.

The 2020 election could draw the most voters in history, along with a record haul for campaign contributions, with fundraising thus far favoring Democratic candidates both generally and in the finance and technology industries, which cover most financial institutions and payment firms.

The rulemaking is expected to draw enormous interest from both banks and third-party fintech providers.

House Democrats’ antitrust reform plan intended to rein in companies like Amazon and Google could help level the regulatory playing field between the banking industry and its digital competitors. It could also revive calls to break up financial behemoths.

The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard. But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation.

The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard. But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation.