Regulation

The Consumer Financial Protection Bureau's inquiry into buy into the installment products should make sure fintechs abide by the same underwriting requirements as banks in this growing market.

A proposal by the Financial Crimes Enforcement Network would create a pilot program allowing banks to do something they've long wanted: share suspicious activity reports with their own units in other countries. But many banks may take a pass if the agency doesn't ease the compliance requirements, experts say.

Consumers and their credit scores could be put at considerable risk unless regulators establish meaningful safeguards.

The nonprofit received a $1.5 million grant to monitor, evaluate and strengthen consumer protections in the digital financial marketplace. Here's what it's doing with the funds.

Is Bitcoin at a "tipping point" and could it one day be the currency of choice for trade? The future for digital currencies can be bright, but there are still risks involved. In this session join Yan Zhao, President of NYDIG as she explores: (1) the overall discussion of how Bitcoin is experiencing wider adoption in the traditional finance world, and why that is; (2) Recent partnerships in the financial sector and how they've helped evolve the space; and (3) how and why organization are embedding Bitcoin in various financial services products like lending, payroll, banking, and investing.

The Consumer Financial Protection Bureau sued LendUp in September, alleging that the digital payday lender consistently misled customers about the benefits repeatedly using its loan products.

The Financial Conduct Authority has fined a U.K. unit of HSBC Holdings 64 million pounds ($85 million) after finding “serious weaknesses” in the automated processes it used to monitor suspicious transactions, the latest example of the watchdog’s increasingly assertive stance against the firms it regulates.

The economic tremors caused by the COVID-19 crisis led some analysts to argue that it was only a matter of time before some financial institutions collapsed. But thanks to government stimulus, the industry’s ample capital levels and moderate risk exposure, bank closings have become a rarity.

The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.

The regulator has a policy that allows it to convert public enforcement actions into informal, nonpublic ones in cases where banks haven't fully met their obligations. Its inspector general says that the practice may give a false impression to customers and investors.