IdentityMind Global, a risk management and compliance vendor, will offer document authentication technology from Confirm.io to its financial services customers so they can allow consumers to open accounts with mobile devices.
When people snap a photo of their driver’s license or other ID while signing up for services, Confirm.io’s application programming interface pings various databases to check that the document is legitimate. Clients can build their own verification apps using Confirm’s software development kits.
Trusting a digital identity “requires strong validation of the underlying identity attributes,” Garrett Gafke, IdentityMind’s CEO, said in a press release.
The firms’ combined offering “delivers on the promise of a frictionless user experience that provides the ability to understand and guard against risk while also keeping customers happy,” he said.
As the Biden administration comes to a close, the agency called out "bait-and-switch tactics" by card issuers. It also announced a new tool allowing consumers to comparison-shop for credit cards.
Six years after Pres. Trump signed Dodd-Frank reform, the Consumer Financial Protection Bureau issued rules bringing these loans under Truth-in-Lending.
Letters hint at more oversight of the banking agencies, as well as the Treasury Department, the CFPB and the Securities and Exchange Commission, under the Republican-controlled Senate.
The coming year will bring banks the ability to work with digital assets and crypto companies, according to speakers at American Banker's Cyber Risk Summit.
Members of the Federal Deposit Insurance Corp. board of directors Tuesday debated Consumer Financial Protection Bureau Director Rohit Chopra's proposal limiting capital distributions system-wide during times of stress, as well as penalties for institutions caught engaging in money laundering.