Fintech regulations

The American Fintech Council publicly declared support for California SB 69, which would require "internal expertise" for artificial intelligence regulation.

Six online lenders and the National Community Reinvestment Coalition have asked the Consumer Financial Protection Bureau for clarity on whether disparate-impact rules apply to lending decisions made by machines.

A new public-private network is pursuing a more comprehensive approach than other states to cultivate a strong financial technology industry by uniting banks, insurance companies, startups, government agencies, investors, universities and students.

Manny Alvarez, the head of California’s Department of Financial Protection and Innovation, told staff that he plans to leave on June 18. Chief Deputy Commissioner Chris Shultz will be appointed to lead the agency on an interim basis.

The Biden administration may finally be close to naming an acting comptroller of the currency. Whoever gets the interim job or is confirmed to run the agency over the longer term will have a lengthy to-do list, from Community Reinvestment Act reform to deciding the fate of divisive Trump-era rules.

Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing. He could get a grilling from Banking Committee Republicans and some opposition on the Senate floor.

The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job.

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

The Conference of State Bank Supervisors filed a complaint arguing that the unique bid by the San Francisco fintech is "merely a thinly veiled effort" to evade legal challenges to the federal regulator's chartering of nonbanks.

In an open letter, industry veteran Thomas Vartanian outlines the steps the administration can take to encourage innovation, better detect cyber threats and modernize regulation.

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.

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

A second-term Trump administration would likely continue its deregulatory efforts, focus on Fannie Mae and Freddie Mac's exit from conservatorship, and seek to facilitate fintech participation in the banking system.

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

The Consumer Financial Protection Bureau faces a busy policy agenda heading into the new year, as well as strong external forces that are beyond its control.

Despite assurances by Director Kathy Kraninger that the agency is cracking down on discrimination, it has not filed an enforcement action or sent a Department of Justice referral on a fair-lending violation in two years.

Draft legislation would amend the Bank Service Company Act to give the National Credit Union Administration third-party vendor oversight, a power it has been requesting for the better part of two decades.

The bureau issued three policies removing the threat of legal liability for approved companies that test new products.

Sen. Elizabeth Warren, D-Mass., and three House members are seeking more details about Paul Watkins' past work with an organization the Southern Poverty Law Center says is an anti-LGBTQ hate group.

After years of largely standing on the sidelines, lawmakers are taking a closer look at whether algorithms used by banks and fintechs to make lending decisions could make discrimination worse instead of better.