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28 Jan 2021, 9:34 am by Kristian Soltes
TCH, owned by 24 of the nation’s biggest banks, has piloted the solution, which it calls the “Streamlined Data Sharing Risk Assessment,” with seven major banks and two data aggregators, Plaid Inc. [read post]
There is also the real possibility that the new Comptroller could seek to amend the final rule to address some of the concerns raised by consumer advocacy groups. [read post]
A report released by Global Market Insights, Inc. in November 2020 estimates the global market valuation for voice recognition technology will reach approximately $7 billion by 2026, in main part due to the surge of AI and machine learning across a wide array of devices including smartphones, healthcare apps, banking apps and connected cars, just to name a few. [read post]
The UK’s banking and finance consortium UK Finance for example recently reported that the total value of UK consumer contactless spending in October 2020 was almost 16% higher than in October 2019. [read post]
26 Jan 2021, 5:29 am by Kevin Kaufman
However, someone who buys the meal in the restaurant would represent a final consumer. [read post]
25 Jan 2021, 5:35 am by Bob Ambrogi
Target customer: Banks, legal firms, legal departments of big companies. [read post]
24 Jan 2021, 1:34 pm by Kristin Bergtora Sandvik
Actors such as the World Bank and OECD present remote learning as central, and technology as “one of the most critical tools. [read post]
22 Jan 2021, 2:25 am by Hannah McAslan (UK) and Patty Tan
Germany – On 31 December 2020, BaFin published a limited national relief measure in the insurance sector. [read post]
19 Jan 2021, 8:54 am by Sarah T. Reise and Jason M. Cover
The drafters’ inclusion of the “Predatory Loan Prevention Act” in SB 1792 would extend the 36% “all-in” Military Annual Percentage Rate (MAPR) finance charge cap of the federal Military Lending Act (MLA) to “any person or entity that offers or makes a loan to a consumer in Illinois” unless made by a statutorily exempt entity (i.e., a bank, savings bank, savings and loan association, credit union or insurance company). [read post]
14 Jan 2021, 12:09 pm by luiza
  With the override of the President’s veto of the National Defense Authorization Act for FY 2021, on January 1, 2021 the Anti-Money-Laundering Act of 2020 (AML Act) became law. [read post]
14 Jan 2021, 9:14 am by Kristian Soltes
With the national trust bank charter, South Dakota-based Anchorage will become Anchorage Digital Bank, National Association. [read post]
China’s central bank has stated that it will expand its existing scope of AML legislation into various other financial and non-financial institutions, e.g. non-bank payment institutions, internet micro-lenders, consumer finance companies and wealth management subsidiaries of bank. [read post]
13 Jan 2021, 9:06 pm by Sabrina Minhas
Congress should convene “a bipartisan national commission on consumer finance,” Odinet states. [read post]
13 Jan 2021, 7:21 am by Patrick McDonnell
The agency was charged with ensuring Fannie and Freddie, as well as the Office of Finance Federal Home Loan Bank System and the various Federal Home Loan Banks, operate in a “safe and sound manner” and foster “liquid, efficient, competitive, and resilient national housing finance markets. [read post]
12 Jan 2021, 12:10 pm by Kevin Kaufman
However, broad policy changes, such as the reduction in the corporate income tax rate to 21 percent and 100 percent bonus depreciation for certain assets, provided benefits to conventional and renewable energy firms alike.[17] Marathon Capital, an investment bank focused on energy and infrastructure, estimated that 100 percent bonus depreciation would increase project-level returns for wind projects by 50-60 basis points, and solar projects by 40-50 basis points, but the impact on… [read post]
  Congress should reconcile the civil penalty and redress authorities of the federal banking regulators, the Bureau, and the FTC, including giving the FTC statutory authority to obtain consumer restitution for any unfair or deceptive practice that is dishonest or fraudulent and giving the Bureau and federal banking regulators civil penalty authority for unfair or deceptive acts and practices that are also dishonest or fraudulent or that violate another statute or… [read post]
11 Jan 2021, 8:19 am by Kevin Kaufman
Key Findings Introduction Tax Elements General Design Considerations — Taxing Data Processing — Taxing Financial Transactions — Taxing Traders Conclusion Key Findings: A financial transaction tax (FTT) would raise transaction costs, which would result in a lower trading volume, lower liquidity, potentially increased volatility, and lower price of assets. [read post]
7 Jan 2021, 9:05 pm by Joshua Burd
New York Attorney General Letitia James, who is leading the lawsuit, stated that the rule unleashes “predatory lenders on unsuspecting New Yorkers in the midst of a pandemic” because it allows “rent-a-bank schemes” where national banks enable nonbank lenders “to evade state consumer protection laws. [read post]