State groups are not pleased about the OCC’s decision to accept bank charter applications from fintech firms; IBM and Maersk are partnering on a blockchain-based global supply chain management platform; the NYDFS will begin enforcing new cybersecurity regulations next month; the U.K. FCA established a Global Financial Innovation Network; and China’s Bitmain is on track to become the first blockchain-focused company with $10B in annual revenue.
The OCC will begin accepting national bank charter applications from fintechs; the U.S. Treasury released a wide-ranging fintech report; the WSJ found massive manipulation of cryptocurrency markets; IBM and CLS are building a blockchain “app store”; and TechCrunch profiled P2P lending in China.
A federal judge dismissed the CSBS claim against the OCC regarding its proposed “fintech charter”; The FTC sued LendingClub for alleged deceptive practices; GreenSky filed for an IPO; and The New Yorker looks at efforts to revise the Computer Fraud and Abuse Act.
The NYDFS sued the OCC over its proposed “fintech charter,” while the CSBS announced a new initiative to “modernize” state regulation of fintech firms; the CFTC created an internal fintech lab to engage with new products and innovators; SoFi is expanding into the wealth management market; the DTCC produced a new white paper on cloud-based financial markets infrastructure; and IBM is working to build “the world’s first securities lending blockchain platform.”
SoFi intends to apply for an industrial loan company (ILC) charter in June, which, if successful, would make it the first new ILC in over 10 years; Chinese mobile payment giant Alipay partnered with First Data to enter the U.S. market; Citi invested in DLT firm Axoni; and The Economist looks at how data has become “the world’s most valuable resource,” and what that means for those regulating it.
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.