Post Tagged with: "compliance"

Comptroller ‘Considering’ Offering Charters Specific to Fintechs

Comptroller ‘Considering’ Offering Charters Specific to Fintechs

by December 2, 2016 at 10:17 am 0 comments

The Office of the Comptroller of the Currency is ‘considering’ implementing a special charter for fintech companies, according to remarks made by Comptroller of the Currency Thomas J. Curry at the University of Georgetown today, December 2. As announced by Curry this morning: Our next step, which I am announcingRead More

KYC May Be the Next Big Thing for Blockchain

KYC May Be the Next Big Thing for Blockchain

by November 29, 2016 at 12:45 pm 2 comments

Blockchain – still very desirable for banks and FIs, but not fully trusted yet – has already made its way to use cases and pilots in the financial services. Possibilities are endless, some say, but where is the next big success for blockchain? It’s KYC or Know Your Customer, accordingRead More

Banks Close In on Real-Life Blockchain Use Cases

Banks Close In on Real-Life Blockchain Use Cases

by November 11, 2016 at 10:39 am 1 comment

Blockchain is at a bit of a critical point, because it’s running up against the one universal enemy all new technologies have to face eventually: reality. In reality, how will banks use the blockchain? “To do the real thing, it takes time, effort and expertise,” says Alex Wolff, head ofRead 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

Top 5 Fintech Raises: FTV Capital, Avalara, OurCrowd, Certona, Zero

Top 5 Fintech Raises: FTV Capital, Avalara, OurCrowd, Certona, Zero

by September 26, 2016 at 11:49 am 1 comment

While it seems as though the unicorn birth rate is declining, investors are still finding fintech enterprises to sink their teeth (and by “teeth” I mean wallets) into, like the five companies below. Our top five fintech raises this week include SaaS companies; e-commerce; crowdfunding for, er, startups; and insuranceRead More

How to Approach Regulators as a Fintech Startup

How to Approach Regulators as a Fintech Startup

by April 29, 2016 at 12:39 pm 0 comments

Regulators have certainly kept a close eye on fintech upstarts. Last month, the Financial Stability Board (FSB) – comprised of 20 world economies – came together in Tokyo to establish a framework and assess the potential of fintech startups “disrupting” traditional banking. Many startups have learned the rule: Go to them, beforeRead More

Compliance Management Took More Than Two FTEs in 4Q

Compliance Management Took More Than Two FTEs in 4Q

by January 29, 2016 at 4:19 pm 1 comment

Banks spent 968 hours complying with regulations in the fourth quarter of 2015, according to a recent report from Continuity, which produces regulatory change management software to the financial services industry. That duration works out to 24 weeks of full-time work for the quarter, or the equivalent of more than two full-time employees — 2.23, to beRead More

Why the Facebook of Banking Won’t Own a Charter

Why the Facebook of Banking Won’t Own a Charter

by December 24, 2014 at 11:42 am 3 comments

2014 was the biggest year in FinTech by far with billions being invested globally in what is to be expected in a global growth sector. But how much was invested globally in FinTech this year? It depends on how you classify FinTech. StrategyEye estimated that there was $2.8Bn raised in 2014 via venture capitalRead More

Proposed N.Y. State Regulation Would End Bitcoin Anonymity

Proposed N.Y. State Regulation Would End Bitcoin Anonymity

by July 17, 2014 at 3:45 pm 2 comments

The New York Department of Financial Services (NYDFS) released a proposal today to regulate bitcoins and other forms of virtual currency, making New York the first state to draft up regulatory legislation for virtual currencies. The NYDFS is proposing to issue “BitLicenses,” certificates allowing holders to transact in virtual currencies in NewRead More

Risk, Compliance Top Concerns for Bitcoin Startups

Risk, Compliance Top Concerns for Bitcoin Startups

by April 8, 2014 at 3:58 pm 0 comments

It’s no longer the Wild West for virtual currency startups — all 2,000 of them. The regulators (and tax collectors) have virtual currencies in their cross-hairs, and the startups must learn to operate in a regulated space. There is tension in the bitcoin community over compliance. There will always beRead More