Post Tagged with: "CFPB"

Enforcement Actions Against Banks Reached Record Low in 3Q

Enforcement Actions Against Banks Reached Record Low in 3Q

by November 22, 2016 at 4:33 pm 1 comment

This past quarter saw the lowest number of enforcement actions against financial institutions since 2013 (though there were some prominent cases in the media spotlight that may have led observers to think otherwise.) New Haven, Conn.-based compliance management company Continuity noted that despite the decrease in enforcement actions — 99 vs. 150 inRead More

CFPB’s Upcoming Rule Aims to Protect Holders of Prepaid Cards [VIDEO]

by November 9, 2016 at 9:44 am 0 comments

The future of regulations in banking may be uncertain pending the results of yesterday’s election, but one thing we know: On Oct. 1, 2017, a new rule will go into effect for prepaid cards, the CFPB announced last month. The rule will require transaction histories to be provided to users,Read More

Is the CFPB Ruling Important for the Future of Fintechs?

Is the CFPB Ruling Important for the Future of Fintechs?

by October 17, 2016 at 4:37 pm 1 comment

Recently a federal appeals court decided that the Consumer Finance Protection Bureau—a federal organization designed to safeguard against some of the pitfalls that led to the 2008 crisis—had been operating unconstitutionally, something which is certainly a blow to the agency itself and will no doubt have ramifications for how itRead More

Wells Fargo Just Kicked Innovation in the Chin

Wells Fargo Just Kicked Innovation in the Chin

by September 19, 2016 at 10:03 am 0 comments

It is always doubly upsetting to see vulgar business behavior from a seemingly platinum-plated brand. We have certainly been among those that have lauded Wells Fargo & Co. in the past, praising its lab and innovation practices, its mobile banking growth, had its executives speaking at our events, and even namedRead More

Yet Another Association for Marketplace Lending Launches

Yet Another Association for Marketplace Lending Launches

by May 6, 2016 at 10:50 am 3 comments

That’s what the industry needs: competing marketplace lending associations. Today, the three big names in marketplace lending (for now — more on that below) that were not in the just-launched Marketplace Lending Association have formed the Innovative Lending Platform Association. This is Funding Circle, Lending Club and Prosper Marketplace of the Marketplace LendingRead More

Half of Investors Allocate Capital to Marketplace Lending, Survey Shows

Half of Investors Allocate Capital to Marketplace Lending, Survey Shows

by April 11, 2016 at 6:14 pm 1 comment

Investors see a sunny future for marketplace lending, according to a survey released today by Richards Kibbe & Orbe LLP (RKO) and Wharton Fintech. The results of the survey, titled 2016 Survey of U.S. Marketplace Lending, show that half of investors surveyed have capital allocated for marketplace lending. The year prior, just 29% had investments in the space. TheRead More

Self-Regulation Said to Be a Goal for New Marketplace Group

Self-Regulation Said to Be a Goal for New Marketplace Group

by April 8, 2016 at 10:28 am 2 comments

Marketplace lenders are getting together — well, three of them, anyway. Marketplace lenders Funding Circle, Lending Club and Prosper announced Wednesday the formation of the Marketplace Lending Association, a nonprofit organization that will “promote responsible business practices and sound public policy to benefit borrowers and investors.” It’s a move likely influenced by theRead More

Is Online Lending Ignoring Big Data Risks?

Is Online Lending Ignoring Big Data Risks?

by March 28, 2016 at 10:41 am 0 comments

Elevate Credit Inc., which is pining to get to an IPO, today announced that it hired a new chief information officer. Joan Kuehl, who is the online lender’s first CIO, has extensive experience, having worked at Travelers and Bank of America — so it deserves notice when her first pronouncementsRead More

Can Apple Pay Beat PayPal?

Can Apple Pay Beat PayPal?

by March 24, 2016 at 1:09 pm 0 comments

Is the expansion of Apple Pay’s functionality to include website functionality enough to enable the tech company’s payments venture to top PayPal, the reigning king of mobile payments? Apple Pay will purportedly soon be available to shoppers using Safari browser on models of iPhones and iPads with Apple’s TouchID fingerprint technology. ThisRead More

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CFPB Begins Fielding Marketplace Lending Complaints

by March 7, 2016 at 6:01 pm 4 comments

Today, the Consumer Financial Protection Bureau began accepting complaints regarding online marketplace lending. While no official regulations have yet been placed on online marketplace lending or investors, many industry watchers suspect this move is a prelude to the introduction of formal regulation in the online marketplace lending sector. Complaints received byRead More