SBA: Business Forward and SBA Launch the “Small Business Digital Alliance”
New Venture Will Convene Major Tech Companies, Players to Provide Small Businesses Free Access to Tools to Expand E-Commerce Footprint Today, the U.S. Small Business Administration (SBA) and Business Forward, Inc., a non-profit organization working with small business leaders in support of policies promoting America’s economic competitiveness, announced the launch of the Small Business Digital Alliance (SBDA). A joint public-private…
OCC: SoFi Bank, National Association Conditionally Approved for Full Service OCC Bank Charter
The Office of the Comptroller of the Currency (OCC) today conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah. As part of the transaction, SoFi Bank, N.A. will acquire Golden Pacific Bank, National Association, a national…
CFPB: Inquiry Opened into “Buy Now, Pay Later” Credit
Buy Now, Pay Later Expected to Set New Records for Lending this Holiday Season Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna,…
CFPB: Tech Giants Ordered to Turn Over Information on their Payment System Plans
Orders will help CFPB monitor for data surveillance, access restrictions, and other consumer protection risks as payments technologies and markets evolve Today, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United States. The information will help…
ABA: New Accenture and ABA Report on State of Digital Lending Provides Roadmap for Digitial Transformation at Banks
A new report released today by the American Bankers Association and Accenture provides a roadmap to help bankers speed up their ongoing digital transformations to meet rising customer expectations for hybrid experiences, bridging online and person-to-person options. The report, titled “The State of Digital Lending,” includes key considerations for banks, including how to identify pain points, select…
FDIC: Six Teams Selected in Sprint for Banks to Measure and Test Resiliency
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of six teams to participate in a ‘tech sprint’ designed to explore new technologies and techniques to determine how well community banks, and the banking sector as a whole, can withstand a major disruption of any type. The FDIC’s tech lab, FDITECH, launched registration for From Hurricanes…
ABA: Association Testifies on the Future of Banking
FirstBank CEO Jim Reuter offers industry perspective to House Financial Services Subcommittee The American Bankers Association testified today before the House Financial Services subcommittee on Consumer Protection and Financial Institutions, offering the industry’s perspective on the future of banking and how consolidation, nonbank competition and technology are re-shaping the industry. Jim Reuter, president and CEO of Denver-based…
ABA: Businesses, Financial Groups and ABA Join to Oppose Proposed Tax Information Reporting Requirement
The American Bankers Association today joined more than 40 organizations representing a cross-section of financial and business interests in sending a letter to Speaker of the House Nancy Pelosi, Minority Leader Kevin McCarthy and all members of the House of Representatives strongly opposing a proposal under consideration as part of the reconciliation package that would establish an…
FDIC: Three Winning Teams Selected in FDITECH Tech Sprint to Reach the Unbanked
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of three winning teams in a ‘tech sprint’ designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers. The tech sprint’s evaluation panel selected the following organizations as winners in the following categories: Category Team Name Organizations Creativity Goalsetter…
Agencies Issue Guide to Help Community Banks Evaluate FinTech Relationships
The federal bank regulatory agencies today released a guide intended to help community banks assess risks when considering relationships with financial technology (fintech) companies. Community banks are entering into business arrangements with fintech companies to offer enhanced products and services to their customers, increase efficiency, and reduce internal costs. This guide is intended to serve…