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Cordray remarks/CFPB report on financial innovation and Project Catalyst include warning on limiting consumer access to financial data

Posted in Technology

In a new report, the CFPB discusses its approach to FinTech and financial innovation, its Project Catalyst initiative, and marketplace developments the CFPB views as potentially beneficial for consumers.  The report, entitled “Project Catalyst report: Promoting consumer-friendly innovation-Innovation Insights,” was released in conjunction with remarks given by Director Cordray at Money 20/20, a large conference… More >

Brookings to hold Oct. 13 fintech event

Posted in Marketplace Lending, Technology

On October 13, 2016, the Brookings Institute will hold an event in Washington, D.C. titled: “How to make fintech work for all Americans.”  Speakers include industry representatives and an FDIC representative.  Brookings describes the event as “a conversation about the effects of the fintech boom, with a particular focus on how regulation and public policy… More >

SEC to hold fintech innovation public forum

Posted in Technology

The Securities and Exchange Commission has announced that it will host a public forum in Washington, D.C. on November 14, 2016 to discuss financial technology innovation in the financial services industry.  The forum is designed to foster greater collaboration and understanding among regulators, entrepreneurs and industry experts about fintech innovation and evaluate how the current… More >

Congressman introduces fintech bill

Posted in Technology

Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “Financial Services Innovation Act of 2016,” which is intended to provide a streamlined regulatory process for innovative fintech products and greater certainty about compliance requirements. The federal agencies covered by the bill include the CFPB, Federal Reserve, FDIC, NCUA, OCC, FTC,… More >

Banking trade groups comment on CFPB’s proposed no-action letter policy

Posted in CFPB General, Technology

The American Bankers Association, American Bankers Insurance Association and Consumers Banking Association have submitted a joint comment letter on the CFPB’s proposed policy on issuing “no-action” letters for innovative financial products or services. The trade groups expressed the overall concern that the proposal will not “serve as a viable approach to alleviating regulatory uncertainty” because… More >

CFPB Proposes No-Action Letter Policy for Innovators

Posted in CFPB General, Technology

The CFPB published for comment in today’s Federal Register a proposed policy on issuing “no-action” letters for innovative financial products or services.  Like those issued by the SEC and CFTC, the no-action letters would communicate that, subject to specific facts and circumstances, CFPB staff has no present intention to recommend initiation of an enforcement or supervisory… More >

The ABA Responds on Mobile Financial Services (Plus, Apple Inc.’s “Response”)

Posted in CFPB General, Electronic Payments, Mobile Payments, Richard Cordray, Technology

In an interesting coincidence, the comment period for the CFPB’s Request for Information (“RFI”) on mobile financial services closed the same day, September 10th, that Apple announced “Apple Pay”—a new mobile wallet included with the iPhone 6 that could shake up the mobile payments landscape.  The RFI, which we reported on earlier, speaks optimistically of… More >

CFPB Consumer Advisory Board to meet on Sept. 11

Posted in Technology

The CFPB has announced that its Consumer Advisory Board will hold a public meeting on September 11 in Washington, D.C.   The meeting will focus on trends and themes related to technology and access to financial services.  According to the agenda, in addition to a general discussion of such trends and themes, there will be a… More >

Keep up with CFPB Monitor with alternatives to Google Reader

Posted in Technology

Many devotees of Google Reader—including yours truly—are lamenting Google’s recent announcement that this “reading list” function is going away. I always found Google Reader to be a handy one-stop-shopping method for keeping current with my favorite sites and blogs. And CFPB Monitor aficionados who use it to connect with our blog are probably wondering if… More >

CFPB proposes policy to allow trial disclosure programs

Posted in Hot Issues, Mobile Payments, Technology

The CFPB has issued a proposed policy under which it would exempt individual companies, on a case-by-case basis, from current federal disclosure requirements to allow those companies to test trial disclosures.  The proposal, which is directed at “banks, thrifts, credit unions, and other financial services companies,” contemplates that participating companies would share test result data with… More >

Before presenting your idea . . .

Posted in CFPB General, Hot Issues, Mobile Payments, Technology

I regularly work with technology innovators to help them get their ideas cleaned up for financial institutions and to give them a headstart in understanding the types of risk concerns and controls that financial institutions are going to have and want.  To technology innovators who may be intrigued by the CFPB’s request for dialogue, I… More >

Waste not, want not

Posted in CFPB General, Hot Issues, Mobile Payments, Technology

The CFPB publicly acknowledged yesterday their interest in innovation in consumer financial services by launching Project Catalyst, as already reported in this blog.  It is quite the departure from precedent for a banking regulator to actually express interest in being supportive of new technologies and how they could improve consumer financial services.  For practitioners like… More >