Welcome to Vilnius: Regulatory Competition in the EU Market for E-Money

By Luca Enriques November 4, 2019 by renholding

If you google “Lithuania e-money,” the auto-fill function will suggest that you search for ”Lithuania e-money license.” If you accept the tip, the first result will be Ecovis, which describes itself as “the most experienced finance institution and FinTech licensing …

Fintech and Banking

By Anjan V. Thakor August 14, 2019 by renholding

In a recent paper, I review the literature on fintech and its interaction with banking. Included in fintech are innovations in payment systems (including cryptocurrencies), credit markets (including peer-to-peer or “P2P” lending), and insurance, with blockchain-assisted smart contracts playing a …

Regulating the Development of Driverless Finance

By Hilary J. Allen May 13, 2019 by renholding

Before permitting driverless cars to operate on the open road without a licensed driver, lawmakers and innovators are working to ensure the safety not only of the passengers in those cars, but also of third parties – particularly other drivers …

Debevoise Discusses Federal Reserve Proposal to Clarify and Revise Control Framework

By Satish M. Kini, Gregory J. Lyons, David L. Portilla, Will C. Giles, Alison M. Hashmall and David G. Sewell April 29, 2019 by renholding

On April 23, the Federal Reserve Board (the “FRB”) proposed a new, comprehensive framework for determining “control” under the Bank Holding Company Act (“BHC Act”) and Home Owners’ Loan Act (“HOLA”). We provide a high-level overview of the proposal below. …

Debevoise Discusses Possible EU Approach to ICOs and Crypto-Assets

By Klaudius Heda, Clarisse Hannotin, Dr. Oliver Krauß and Dr. Friedrich Popp January 30, 2019 by abirvarma

In the first week of 2019, both the European Securities and Markets Authority (“ESMA”) and the European Banking Authority (“EBA”) issued reports advising EU legislators on the regulation of “crypto-assets” and initial coin offerings (“ICOs”). The European Supervisory Authorities (“ESAs”), …

The Identity Challenge in Finance

By Douglas W. Arner, Dirk A. Zetzsche, Ross P. Buckley and Janos N. Barberis November 12, 2018 by renholding

Identity is fundamental in finance. At a time when huge TechFins like Amazon are making inroads into the financial services industry, major questions are arising as to the most effective methods of customer identification and meeting Know Your Customer obligations …

Debevoise Discusses OCC Efforts to Modernize Community Reinvestment Act Regulations

By Courtney M. Dankworth, Lauren M. Dolecki, Gregory J. Lyons, Ming Yang, David G. Sewell and Naeha Prakash October 1, 2018 by pss2150

On August 28, 2018, the Office of the Comptroller of the Currency (“OCC”) published an advance notice of proposed rulemaking (“ANPR”) inviting public comment on ideas for modernizing the regulatory framework for the Community Reinvestment Act of 1977 (“CRA”).[1]…

The Deregulation Debate: The Challenge of Using Static Rules to Govern a Dynamic System

By Kathryn Judge September 18, 2018 by renholding

In their lively disagreement about the role of deregulation in contributing to the 2007-2009 financial crisis, professors Arthur Wilmarth and Paul Mahoney inadvertently illuminate why the processes through which finance is regulated are so ill-suited to that purpose. Finance is …

Debevoise & Plimpton Discusses a Turning Point for FinTech

By Gregory J. Lyons, David L. Portilla, David G. Sewell, Norma Angelica Freeland and Naeha Prakash August 20, 2018 by renholding

On July 31, 2018 the Office of the Comptroller of the Currency (“OCC”) announced it will begin accepting applications from non-depository FinTech companies for a special purpose national bank charter. [1] This announcement caps a years-long and much anticipated initiative …

SEC Commissioner Talks Old Law and New Frontiers at RegTech Summit

By Michael S. Piwowar March 9, 2018 by renholding

Questions of FinTech and RegTech have been paramount in my mind and, I think it is safe to say, the minds of my fellow Commissioners in recent months.[1]

Old Fields and New Corn

On the paneled walls of the

…

Cross-Border Cooperation in Financial Regulation: Crossing the Fintech Bridge

By Lev Bromberg, Andrew Godwin and Ian Ramsay February 13, 2018 by renholding

The growth of Fintech, the use of technology in providing financial services, has accelerated rapidly since the 2008 global financial crisis (GFC). While Fintech provides both economic benefits and increasing levels of financial inclusion, it also comes with risks. These …

PwC Discusses SEC’s Increased Scrutiny of Robo-Advisers

By Dan Ryan, Julien Courbe, Adam Gilbert, Mike Alix and Roberto Rodriguez November 8, 2017 by renholding

Earlier this year, the Securities and Exchange Commission (SEC) issued guidance regarding “robo-advisers,” automated investment advice tools accessed via web-based or mobile platforms with minimal human interaction.¹ The guidance is an important reminder to the industry that robo-advisers are …

How to Regulate TechFins and Data-Based Finance

By Dirk Zetzsche, Ross Buckley, Douglas W. Arner and Janos Barberis June 1, 2017 by renholding

In a new research paper, we consider the impact of a group of new entrants into financial services and regulation. These new entrants include technology, e-commerce, social media, and telecommunications companies with often large pre-existing bases of non-financial services customers. …

Fed Governor Brainard Discusses Where Banks Fit in the Fintech Stack

By Lael Brainard May 3, 2017 by Jeff Himelson

We can learn a lot from the evolution of smartphones as we try to envisage where the fintech ecosystem–and banks’ role within it–might be heading in the future. Smartphones have ushered in an age when different companies can easily work …

Proskauer Rose Discusses the Promise of Blockchain

By Jeffrey Neuburger April 4, 2017 by Jeff Himelson

The blockchain protocol (a form of a ‘distributed ledger system’) was originally designed as a platform to process Bitcoin transactions. The protocol enables peer-to-peer transactions and eliminates the need for a trusted intermediary to verify and process the transactions.

The …

Detecting Risk Through Firms’ Emails

By Sanjiv Das, Seoyoung Kim and Bhushan Kothari February 27, 2017 by renholding

Recent advances in financial technology (FinTech) have dramatically transformed the financial landscape with respect to the way we access, invest, and transfer financial capital. In our recent article, we explore a promising avenue for the use of natural-language processing in …

Jones Day Discusses the OCC’s Latest Fintech Developments

By Chip MacDonald, Lisa M. Ledbetter, Stephen J. Obie, James C. Olson and Heith D. Rodman January 26, 2017 by Jeff Himelson

The Comptroller of the Currency (the “OCC”) has been working for over a year to develop a comprehensive framework to improve the OCC’s ability to identify and understand trends and innovations in the financial services industry, as well …

Debevoise & Plimpton Discusses OCC and CFPB’s Approaches to FinTech

By David A. Luigs, Lee A. Schneider, Zila Reyes Acosta-Grimes and Naeha Prakash November 16, 2016 by renholding

This is the fourth in a series examining the increased regulatory scrutiny on new and innovative financial technologies (“FinTech”).^[1]

This update considers the initiatives of two federal regulatory agencies—the Office of the Comptroller of the Currency (the “OCC”) and …

The True Potential of RegTech: Fostering Systemic Financial Stability

By Janos Nathan Barberis and Ross P. Buckley November 1, 2016 by renholding

Two major challenges have arisen for financial services companies since the global financial crisis (GFC) of 2008. On the expense side, post-crisis fines have exceeded $200 billion, and the ongoing cost of regulation and compliance has become massive. On the …

Morrison & Foerster explains why CFPB Makes FinTech Headlines

By Obrea O. Poindexter, Jeremy R. Mandell and Calvin D. Funk November 1, 2016 by renholding

The Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) made headlines in FinTech on October 24, 2016. First, the Bureau released its first-ever Project Catalyst report on promoting consumer-friendly innovation (the “Report”). The Report summarizes the work conducted by Project …

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