The office of the Comptroller of the Currency (OCC) issued an Advance Notice of Proposed Rulemaking (ANPR) on June 3, 2020, focusing on digital banking activities. Typically such ANPRs are a precursor to new federal regulation; following collection of data from the industry and other interested parties, the OCC may propose new regulations by issuing a Notice of Proposed Rulemaking within 6-12 months. Responses to the ANPR are due on August 3, 2020.Read More
On May 29, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule (https://www.occ.gov/news-issuances/federal-register/2020/nr-occ-2020-71a.pdf) to clarify that, when a federal or state-chartered savings association transfers a loan portfolio, interest permissible on the loans before the transfer continues to be permissible after the transfer. In this way, the OCC hopes to resolve the uncertainty created by the Madden v. Midland Funding, LLC decision (“Madden”).Read More
With Australia joining the boom in new and innovative Fintechs around the world, our challenger banks, payments businesses and Fintechs have gained global recognition.
While entering into the lucrative U.S market is enticing, it can also be a daunting concept for those without insider knowledge.
K&L Gates’ New York Fintech partner Judie Rinearson, was able to provide us with the information necessary for making the transition, successfully.Read More
On December 12, 2019, the Federal Deposit Insurance Corporation (“FDIC”) released a Notice of Proposed Rulemaking (“NPR”) to amend the brokered deposit regulation. While the proposed regulation will not eliminate the restrictions or remove all burdens from those institutions that accept brokered deposits, the NPR indicates that the FDIC has recognized that changes in technology call for changes in regulation. As a result, banks working with innovative prepaid payments companies to provide financial services might get some brokered deposit relief.Read More
On December 3, the United States Consumer Financial Protection Bureau (“CFPB”) published a notice of proposed rulemaking to revise the Remittance Rule (“Proposed Rule”) and is accepting comments until January 21, 2020. The proposal follows the CFPB’s April 2019 request for information on the Remittance Rule (see here for our previous discussion). The key provisions of the Proposed Rule address two aspects of the Remittance Rule: (1) the Rule’s applicability to a company that executes 100 or more remittances per year in the normal course of business, and (2) the Rule’s allowance for insured banks and credit unions to disclose estimates, rather than exact figures, under certain circumstances. This latter allowance is set to expire on July 21, 2020.Read More
Over the last two days, the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) (together, the “Agencies”) each issued a proposed rule (collectively, the “Proposed Rules”) that would codify the Agencies’ position that the interest on a loan originated on a bank, if permissible when the loan was made, will continue to be a permissible and an enforceable term of the loan following the sale, assignment, or transfer of the loan. This is known as the “valid-when-made” doctrine.Read More
By Jim Bulling and Rebecca Gill
The UK Financial Conduct Authority (FCA) has released its Feedback and Final Guidance (Guidance) on crypto-assets, specifying when certain types of crypto-assets fall under existing categories. The Guidance is in response to the FCA’s consultation paper from January 2019 on crypto-assets. As we have previously blogged, the consultation paper looked at whether crypto-assets could be considered ‘specified investments’ under the Regulated Activities Order (RAO) and other instruments, and therefore should be regulated.Read More
By Jim Bulling and Charles McDonald
On 13 June 2019, the Reserve Bank of Australia (RBA) released its paper into the New Payments Platform’s Functionality and Access (Paper). In it, the RBA expressed disappointment with the slow roll out of New Payments Platform’s (NPP) services and functionality. As a consequence, the RBA will continue to push the major banks to prioritise the roll-out of services to their customers to address functionality gaps as quickly as possible. The Paper also recommends that NPP Australia Ltd (as operator of the platform) should:Read More
Late last month, several of the world’s largest banks invested $50 million in a digital cash settlement project with the aim of developing a more efficient clearing and settlement system. The new technology, referred to as the ‘utility settlement coin’ (USC), has been a work in progress since 2015, after Swiss bank UBS Group and London-based technology startup Clearmatics announced to the market that they had commenced working on the project.Read More
Firstly, no, you don’t have to be an Uber driver driving a Jag to reap the benefit of the car manufacturer’s new innovation.
Jaguar Land Rover has announced it is testing “Smart Wallet” technology that will enable drivers to earn cryptocurrency while driving.
How? Technology embedded in the car will automatically report road condition data, such as traffic congestion and potholes to navigation providers and local authorities, which will earn the car’s driver credits.
The credits can be used to buy coffee, pay tolls and parking tickets – which all sounds pretty handy to us.
Jag has partnered with IOTA Foundation which is providing the “IOTA-powered car wallet” which uses a distributed ledger technology to make and receive payments. It is currently being trialled in Ireland. IOTA forecasts that 75 billion devices will be connected to the Smart Wallet technology by 2025 – we’re pretty excited to see how this unfolds.