Weekly Online Lending Snapshot – March 09, 2018
It was reported in American Banker earlier this week that the U.S. Treasury Department is putting the finishing touches on a report focused on regulation for non-banks and the fintech industry. It is the last in a series of reports created at the request of president Trump examining the U.S. financial regulatory system. We welcomed the opportunity to speak with Treasury, were encouraged by the conversation, and are looking forward to the report. Some other headlines that caught our eye this week on the topic include: EU proposes crowdfunding ‘passports’ in boost for fintech (Europe), Fintech Regulation: A Myriad of Things (Canada), Committee to regulate fintech sector set up (India), Mexico Passes Law to Regulate Financial Technology Firms, and Vinomofo’s Justin Dry backs fintech ‘robo-advice’ startup Clover but warn regulation is a barrier to new fintechs (Australia).
In other news, The U.S. Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) about the Bureau’s rulemaking processes. The Milken Institute released a report entitled, Bipartisan Opportunities to Legislate U.S. FinTech in the 21st Century. It was reported that The Bahrain Economic Development Board (EDB) and FinTech Consortium will launch the Bahrain FinTech Bay, intended to be among the largest dedicated financial technology hubs in the Middle East and Africa. In Madrid, the BBVA Open Talent fintech competition announced it will mark its tenth anniversary this year by working with more start-ups than ever before. Baker Hill, a provider of lending and risk management technology and analytics, announced it has entered into a strategic alliance with Built Technologies, a Tenn.-based construction lender. It was reported that Sequoia Capital and Index Ventures have led a $29 million investment in newly-founded fintech startup Capitolis.
Note that this report is updated as of Thursday’s market close to ensure we can get it to you before the weekend. Please contact us with any feedback or suggestions you may have for future snapshots.