Archives: Financial Technology

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OCC Announces It Will Begin Accepting Fintech Charter Applications

By Melonia A. Bennett on Posted in Financial Technology
On July 31, 2018, the Office of the Comptroller of the Currency (OCC) announced that it will begin accepting applications for special purpose national bank charters from financial technology companies. This “fintech charter” is limited to institutions that do not accept deposits. The fintech charter was initially unveiled on December 2, 2016, by prior Comptroller … Continue Reading

SEC Acts on Cryptocurrencies and ICOs

By Walter Van Dorn on Posted in Financial Technology
In the past few years, and particularly in the past few months, cryptocurrencies or digital currencies – most notably bitcoin and ether – have surged in popularity and dominated the financial press and to some degree even the mainstream media. The value of the most famous cryptocurrency, bitcoin, has reached historically high levels. Given the … Continue Reading

FTC Enters Into $104 Million Settlement With Company for Impermissible Lead Generation

By Melonia A. Bennett and Kate Johnston on Posted in Financial Privacy, Financial Technology
On July 5, 2017, the Federal Trade Commission (FTC) entered into a stipulated order to memorialize a settlement with a lead-generation business, Blue Global LLC, and its CEO (Blue Global), in the U.S. District Court for the District of Arizona. The settlement entails both injunctive relief and an award of more than $104 million in … Continue Reading

Banks’ Boards of Directors Face New Cybersecurity Challenges

By Randal L. Gainer on Posted in Financial Technology
Banks’ boards of directors must, among other things, understand the risks associated with existing and planned IT operations, monitor risk management, and work with senior bank managers on strategic technology planning. See the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook InfoBase. Recent changes in the types of attacks perpetrated by cyber criminal groups and … Continue Reading

Regulating the Unknown: The FTC Seeks to Understand the Past, Present and Future of Financial Technology

Matthew D. PearsonBy Matthew D. Pearson on Posted in Financial Technology
Over the past 10 years, advances in technology have changed the way people live their lives. No longer must a person leave her home to purchase clothing, groceries or even a car. The marketplace for retail goods has migrated online, and, it appears, the financial industry is not far behind. Recently, many companies have emerged … Continue Reading
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