cross-border – FinTech and Blockchain Law Watch

CFPB Seeking Comments On Possible Remittance Rule Revisions

May 01 2019

By Daniel S. Cohen and Jeremy M. McLaughlin

On April 25^th, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a request for information (“RFI”) asking for input about the scope of its Remittance Rule (the “Rule”), whether the Bureau should exempt certain small financial institutions from the Rule, and how the expiration of the Rule’s “temporary exemption” for insured depository institutions and credit unions would adversely affect consumers. Comments are due 60 days after publication in the Federal Register.

Global Financial Innovation Network Launch

Feb 11 2019

By Jonathan Lawrence

The Global Financial Innovation Network (GFIN) has been formally launched by an international group of financial regulators and related organisations. The GFIN is a network of 29 organisations of which 17 are currently offering cross-border trials for firms wishing to test FinTech products, services or business models across more than one jurisdiction. Those offering trials include the UK Financial Conduct Authority, the Australian Securities & Investments Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Monetary Authority of Singapore and the Dubai Financial Services Authority. GFIN members that are not participating in the initial trial scheme include the Consumer Financial Protection Bureau, the Abu Dhabi Global Market, the Israel Securities Authority and the Jersey Financial Services Commission.

Tag:cross-border