Tomorrow, the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion will hold a hearing entitled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”  The witnesses will be:

  • Valerie A. Szczepanik, Director of the Strategic Hub for Innovation and Financial Technology (FinHub), Securities and Exchange Commission
  • Donna Murphy, Acting Deputy Comptroller for the Office of Financial Technology and Deputy Comptroller for Compliance Risk Policy, Office of the Comptroller of the Currency. 
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On November 9, 2022, New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris announced that the NYDFS formally proposed an updated cybersecurity regulation.  Although the updates had previously been released in draft form, the formal announcement commences the 60-day comment period. 

The proposed regulations would create three different tiers of companies based on their size, operations, and nature of their businesses. … Continue Reading

The CFPB has announced that it will be reopening the comment period on its November 2021 request for public comments to inform its inquiry into large technology companies that offer payment services.  In October 2021, the CFPB sent orders to six large technology platforms offering payment services that directed them to provide information to the Bureau about their payments products and services and their collection and use of personal payments data.… Continue Reading

The CFPB has posted new job openings for technologists to work with its supervision and enforcement teams.  The CFPB is seeking experts in data science, software engineering, product design, product management, and user experience (UX).  The job postings indicate that the CFPB is willing to invest significant resources in building its understanding of and capability to challenge the use of newer and emerging technologies by consumer financial service providers.… Continue Reading

At the end of last month, the CFPB sent orders to six large technology platforms offering payment services that directs them to provide information to the Bureau about their payments products and services and their collection and use of personal payments data.

On November 5, 2021, the CFPB published a notice in the Federal Register seeking public comments to inform its inquiry. … Continue Reading

CFPB Director Rohit Chopra has wasted no time in acting on comments he made at his confirmation hearing regarding the risks posed by the collection of data by large platforms.  In just his first full week as CFPB Director, the CFPB sent orders to six technology platforms offering payment services directing them to provide information to the Bureau. … Continue Reading

This Wednesday April 24th, the Federal Deposit Insurance Corporation and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative will host a conference titled “Fintech and the Future of Banking” in Arlington, Virginia. The FDIC describes the catalyst for the event as the belief that “at the intersection of research and experience lies good public policy.”… Continue Reading

On April 2, 2019, the FDIC issued Financial Institution Letter FIL-19-2019 (the “Letter”) to remind financial institutions about certain contractual provisions and other requirements pertaining to technology service provider contracts. Apparently, during recent routine examinations, the FDIC found several technology service provider contracts that were inadequate under existing guidance. These contracts were missing or inadequately addressed key terms, such as:

  1. Requiring the service provider to maintain a business continuity plan,
  2. Establishing recovery standards,
  3. Specifying the institution’s remedies if the service provider misses a recovery standard,
  4. Requiring the service provider to respond to security incidents by, among other things, notifying the institution, and
  5. Defining key terms in the contracts relevant to business continuity and/or incident response.As
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On May 7, 2018, in Arlington, Virginia, the FDIC will host a forum, “Use of Technology in the Business of Banking.”  Registration is required to attend.  The forum will also be webcast live and recorded for on-demand access after the event.

The FDIC’s notice states that panels at the forum  “will focus on emerging technologies that are transforming banking operations, the impact of emerging technologies on retail banking, including new and innovative delivery channels, enhanced customer experiences, economic inclusion; and consumer financial data access—balancing rights and security.”… Continue Reading

On May 10, the Conference of State Bank Supervisors (CSBS) announced a series of initiatives (branded as Vision 2020) designed to modernize state regulation of non-banks.  The announcement specifically calls out financial technology firms and appears to be an attempt by state regulators to provide an alternative to the special purpose national bank charter the OCC has proposed to make available to financial technology companies (“fintech charter”).… Continue Reading