In the latest sign of regulatory scrutiny of asset-advance companies offering consumers what regulators believe are in fact regulated “credit” under federal law and “loans” under state law, the Bureau of Consumer Financial Protection (BCFP) filed its first new lawsuit under Acting Director Mulvaney last Thursday. The complaint, filed in the Central District of California,
Fintech
Feds Love Fintech: Treasury Promises Fintech Charter and a New Approach to Regulation
By Alexander Gershen on
Posted in Fintech
On Tuesday, the U.S. Department of the Treasury issued its “Nonbank Financials, Fintech, and Innovation” Report, the fourth in a series of reports outlining the Trump administration’s financial regulatory agenda. In the report, Treasury presents a new approach to regulation designed to promote “critical” innovation in fintech. The report outlines four broad areas of…
CFPB Announces a New “Office of Innovation”
By Joseph J. Reilly & mcguirewoods on
Earlier this week, Acting Director Mulvaney announced the creation of a new “Office of Financial Innovation,” and appointed Paul Watkins, an official who led the Arizona Attorney General’s fintech initiatives, to lead the Office. The new Office, which will now do the work formerly done under the Bureau’s Project Catalyst, “will focus on creating policies…