The CFPB outlined new consumer data-sharing principles; J.P. Morgan Chase is buying WePay; IBM and J.P. Morgan are both working DLT cross-border payments projects; you can now use Venmo to pay online; and PayPal’s market cap is now bigger than that of AmEx.
The OCC says it’s not ready for fintech applications; the CFPB approves its first no-action letter; Cagney steps down from SoFi amid scandal; China bans crypto exchanges; and what’s the Big Idea with open banking?
The Conference of State Bank Supervisors filed suit against the OCC over the agency’s proposal to issue special-purpose banking licenses to fintech firms; Recode reports on Apple’s rumored launch of an iPhone-to-iPhone digital money-transfer service to rival Paypal’s Venmo; Stock trading app Robinhood raised $110 million, valuing the firm at over $1 billion; the WSJ writes on the rise of financial mapmaking and advanced network analytics that provides financial firms and regulators new tools to spot crises; and House Financial Services Vice Chairman Patrick McHenry opines on the CFPB’s Project Catalyst.
President Trump’s promise to overhaul Dodd-Frank raised concerns among fintech firms about access to consumer data; SoFi acquired payments and mobile-banking startup Zenbanx; AmEx became the newest member of the Linux Foundation’s Hyperledger blockchain project; H&R Block will use IBM’s Watson technology to help file an estimated 11 million returns this tax season; and Green Dot acquired RushCard, which was also fined by the CFPB for failures related to frozen accounts in Oct. 2015.
The White House published a white paper outlining its fintech policy objectives; more state regulators and national banking groups expressed concerns to the OCC about its decision to consider granting “fintech charters;” payments and money transfer firm Dwolla raised nearly $7 million in new funding; Bitfury and Credit China Fintech founded a new global blockchain advocacy organization; and Gene Ludwig shared his thoughts on AI and the future of finance in a podcast interview with Arthur Levitt.