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On July 15, the Democratic majority of the House Financial Services Committee introduced draft legislation, titled “Keep Big Tech Out Of Finance Act,” targeting Libra, Facebook’s contemplated new digital currency. As a follow up, during her July 17 opening statement before testimony from a Facebook executive, Chairwoman Maxine Waters expressed serious concerns about Libra…

As readers of our blog know, our consumer financial services group has been at the forefront of legal developments involving new technologies.  To align with the work that we’ve been doing in the financial technology space and to even better serve our clients in meeting the legal challenges in this rapidly developing landscape, Ballard Spahr…

Utah is now taking applications for its new regulatory sandbox program.  In this podcast, we interview Rep. Marc Roberts, the sponsor of the bill that created the program, and Bryan Cowley, the Utah regulator who will oversee the program’s administration.  Topics discussed include the bill’s history and objectives, implementation plans, reciprocity with other sandbox programs,…

This week, Congress will be holding a hearing focused on fintech and two hearings at which artificial intelligence (AI) will be the focus.

Fintech:

Tomorrow, June 25, the House Financial Services Committee’s Task Force on Financial Technology will hold a hearing titled, “Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation.”…

Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes may be engaging in unlawful discrimination.  (Such algorithms are often referred to as “artificial intelligence.”)

In their letter, the Senators reference research results…

Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019.  This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in March 2018, and Wyoming, which enacted sandbox legislation in February of this year.

Regulatory sandboxes are laboratories for the…

Opposition from state regulators to the OCC’s decision to issue special purpose national bank (or fintech) charters continues to be vigorous.  In this podcast, we review the charter’s potential benefits, assess the legal arguments made by its opponents, discuss the federal court decision refusing to dismiss the NY banking regulator’s lawsuit, why we think it’s…

Last Thursday, the OCC filed a letter with the New York federal district court hearing the lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies in which the OCC advised the court that it will be conferring…

The FTC has launched a dedicated FinTech page on its website where it has assembled FinTech-related materials.

The materials that can be accessed on the new page include Guidance (which consists of various FTC publications), Videos (which include excerpts from FTC workshops), Related Posts (which address ongoing FTC developments), and Legal Resources (which include staff…