Federal Reserve: Speech | Financial Innovation: A World in Transition
We live in a world defined by the rapid pace of technological change. Four of the five largest U.S. companies by market capitalization are classified as “technology companies,” where the term describes the products that these companies sell and how they operate. Thanks to decades of investment in information technology, especially in electronic communication networks,…
CFPB: Announces First No-Action Letter in Efforts to Support Consumer-Friendly Innovation
The Consumer Financial Protection Bureau (CFPB) today announced a no-action letter issued to Upstart Network, Inc., a company that uses alternative data in making credit and pricing decisions. As a condition of the no-action letter, Upstart will regularly report lending and compliance information to the CFPB to mitigate risk to consumers and aid the Bureau’s…
SBA: Grants Awarded to 21 State and Local Economic Development Entities, SBDCs, and Universities to Support R&D Commercialization and Small Business Innovation
The U.S. Small Business Administration has granted up to $125,000 awards in FY 2017 to 16 Federal and State Technology (FAST) Partnership Program recipients including state and local economic development entities, small business development centers, colleges and universities and up to $200,000 awards to five Small Business Technology Development Centers (SBTDCs) that provide support to…
Federal Reserve: FinTech and Financial Innovation – Drivers & Depth
Abstract: This paper answers two questions that help those analyzing FinTech understand its origins, growth, and potential to affect financial stability. First, it answers the question of why “FinTech” is happening right now. Many of the technologies that support FinTech innovations are not new, but financial institutions and entrepreneurs are only now applying them to…
OCC: Agency to Hold Innovation Office Hours in New York
WASHINGTON — The Office of the Comptroller of the Currency (OCC) announced its Office of Innovation will host Office Hours for national banks, federal savings associations, and financial technology companies (fintech companies), July 24-26, at the OCC’s district office in New York City. Office Hours provide an opportunity for meetings with OCC officials to discuss…
HUD: Rutgers University Wins HUD 2017 Innovation in Affordable Housing Student Design & Planning Competition
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced a graduate student team from Rutgers University as the winners of HUD’s fourth annual Innovation in Affordable Housing Student Design and Planning Competition. The Rutgers team was one of four finalists to introduce a comprehensive plan for redeveloping a property owned by the Cuyahoga…
SBA: Small Business Innovation National Road Tour Announced
WASHINGTON – The U.S. Small Business Administration (SBA) today announced it will launch an 11-state, 15-stop road tour led by the SBA’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, with participation from 11 other federal agencies. This will be the third year of the SBA-led National Innovation Road Tour. “The…
SBA: Administrator McMahon Appoints Joseph Shepard as Head of Investment and Innovation
WASHINGTON – Administrator Linda McMahon of the U.S. Small Business Administration announced today that Joseph Shepard will serve as the Associate Administrator for the Office of Investment and Innovation. “It is my pleasure to welcome Joe to the SBA,” McMahon said. “His previous public sector experience at SBA overseeing the SBIC program, as well as…
OCC: OCC to Consider FinTech Charter Applications, Seek Comment
WASHINGTON — Comptroller of the Currency Thomas J. Curry today announced that the Office of the Comptroller of the Currency (OCC) would move forward with considering applications from financial technology (fintech) companies to become special purpose national banks. During remarks at the Georgetown University Law Center, the Comptroller described several reasons for considering special purpose…
ABA: Testifies at CFPB Field Hearing on Data Access
Concerns About Consumer Protection, Consumer Control WASHINGTON — The American Bankers Association expressed concerns about consumer protections at a Consumer Financial Protection Bureau field hearing on third party access to consumer financial data today in Salt Lake City. Robert Morgan, vice president, emerging technologies at ABA testified on behalf of the association. In his testimony, Morgan explained…