Amazon’s recent cancellation of its iRobot deal reportedly has European startups worried. In a recent Financial Times (FT) opinion piece, Javier Espinoza writes that entrepreneurs are concerned that if regulatory pressure keeps one of the world’s largest companies from buying the Roomba maker, it might mean other Big Tech...
The Reserve Bank of India (RBI) reportedly wants to take a “hands-off” approach to regulating FinTechs. At the same time, the central bank expects these firms to follow rules on customer verification and data protection, RBI Executive Director P. Vasudevan said Friday (Feb. 16), Bloomberg...
The Office of the Comptroller of the Currency terminated a 2016 consent order against Wells Fargo. The consent order concerned deficiencies and unsafe or unsound practices in the bank’s risk management and sales practices, the OCC said in a Thursday (Feb. 15) press release. The...
A top House Republican says the White House’s new beneficial ownership rules are needlessly complex. U.S. Rep. Patrick McHenry, (R-N.C.), head of the House Financial Services Committee, questioned the new reporting requirements during a hearing on Wednesday (Feb. 14). Under the new rules, many businesses are required to...
Matt Janiga, legal counsel and director of regulatory and public affairs at Trustly, told PYMNTS that the Consumer Financial Protection Bureau’s open banking rule, commonly referred to as Rule 1033 (or just 1033), is on track to be finalized this year. “I’d tend to trust...
Paytm is reportedly set for a small regulatory win while facing bigger government headaches. The government of the FinTech’s home country of India is on the verge of allowing Paytm to invest in its crucial payments gateway unit, Bloomberg News reported Friday (Feb. 11). The report, citing...
The Securities and Exchange Commission (SEC) has made amendments to Form PF, a confidential reporting form for SEC-registered investment advisers to private funds. These changes, adopted in conjunction with the Commodity Futures Trading Commission (CFTC), have been implemented to strengthen the Financial Stability Oversight Council’s (FSOC) ability to monitor and evaluate systemic risk, the SEC...
The Federal Communications Commission (FCC) has made it illegal to use artificial intelligence (AI)-generated voices in robocalls. This ruling will give state attorneys general another tool to use against voice cloning scams, as they can prosecute bad actors for not only the scam but also...
Anticipation looms within the financial industry as the Consumer Financial Protection Bureau gears up to implement a rule governing consumer data sharing. The CFPB said the proposed rule will accelerate a shift to open banking and empower consumers to switch to new financial institutions that...
