CFPB: Billions of Dollars Stored on Popular Payment Apps May Lack Federal Deposit Insurance
Agency issues notice to consumers advising them to transfer balances to insured banks and credit unions The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress,…
FHFA: Inaugural Housing Finance TechSprint Announced
The Federal Housing Finance Agency (FHFA) today announced its inaugural TechSprint, a team-based problem-solving event hosted by FHFA’s Office of Financial Technology, designed to secure the free and fair flow of data in a safe and sound housing finance system. Named “Velocity,” the TechSprint will bring together experts and practitioners from the technology and the…
OCC: Office of Financial Technology Established
The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023. In October 2022, the OCC announced that it would expand upon its Office of Innovation and…
CFPB: New Registry to Detect Repeat Non-Bank Financial Firm Offenders Proposed
Registry of company and court order information will help the agency identify and mitigate risks to American households Today, the Consumer Financial Protection Bureau (CFPB) proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial protection agency or court orders. The CFPB…
OCC: Virtual Innovation Office Hours Scheduled for December 14th and 15th
The Office of the Comptroller of the Currency (OCC) today announced that it will host virtual Innovation Office Hours on December 14-15, 2022, to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or services, partnering…
OCC: Agency Announces Office of Financial Technology
The Office of the Comptroller of the Currency today announced it will establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. The Office of Financial Technology will build on and incorporate the Office of Innovation, which the OCC established in…
ABA: National Consumer Survey Highlights Major Banking Policy Issues
National survey finds strong majorities believe Congress should allow cannabis banking, find overdraft protection valuable, and think fintechs and credit unions should be held to same standards as banks U.S. consumers support cannabis banking, value overdraft protection and believe financial technology companies and credit unions should be held to the same standards as banks, according…
CFPB: New Study Details the Rapid Growth of “Buy Now, Pay Later” Lending
Today, the Consumer Financial Protection Bureau (CFPB) published a report offering key insights on the Buy Now, Pay Later industry. The report, Buy Now, Pay Later: Market trends and consumer impacts, finds that industry grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections. The five firms surveyed in the report originated 180…
OCC: Research Solicited on Implications of Financial Technology for Banking
The Office of the Comptroller of the Currency (OCC) is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. The OCC will invite authors of selected papers to present to OCC staff and invited guests…
ABA: Brooke Ybarra Named as New Head of Office of Innovation
Brooke Ybarra has been named senior vice president of innovation and strategy at the American Bankers Association and will lead the group’s Office of Innovation. In this position, Ybarra will play a key role in helping ABA member banks keep pace with technological innovation by identifying promising startups and emerging technologies that benefit the banking…