Innovation within the financial services and payments space tends to center around two poles: FinTechs, and cryptocurrency. In its newly released 2024 annual report, the U.S. Financial Stability Oversight Council (FSOC) took care to illustrate the risks, as well as the potential benefits, of both...
Several watchdogs and agencies are sharpening their gaze on FinTechs, specifically bank-FinTech relationships and the risks tied to those partnerships. In July, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the...
The Federal Trade Commission (FTC) has begun sending over $72 million in refunds to consumers as part of a December 2022 settlement with Epic Games. The settlement resolved the FTC’s allegations that the Epic Games tricked consumers into making unwanted purchases, the regulator said in...
America’s incoming cryptocurrency/AI czar has a resume long on regulatory skepticism, short on industry expertise. That’s according to a report Friday (Dec. 6) by Bloomberg News, looking into President-elect Donald Trump’s nomination of David Sacks to help shape the administration’s artificial intelligence (AI) and crypto...
The Commodity Futures Trading Commission (CFTC) is tracking the use of artificial intelligence (AI) in derivatives markets and intends to monitor CFTC-regulated entities’ use of the technology as part of the agency’s routine oversight activities. The agency said this in a Thursday (Dec. 5) press release and...
The Federal Trade Commission (FTC) filed a complaint alleging that building services contractor Guardian Service Industries enforces a no-hire agreement and ordering it to stop doing so. In its complaint, the regulator alleges that Guardian includes no-hire agreements in its customer service agreements with residential building owners, prohibiting...
The Federal Trade Commission (FTC) is sending refunds to consumers it says were affected by a case in which marketer SuperGoodDeals.com allegedly promised “next-day shipping” of personal protective equipment (PPE) during the pandemic but often did not ship the merchandise for weeks. The agency is...
The Federal Trade Commission (FTC) has announced actions taken against data brokers, alleging that the companies sold sensitive location data. In one action, the agency announced a proposed order that would prohibit Gravy Analytics and its subsidiary Venntel from selling, disclosing or using sensitive location...
As banks link with FinTechs, as new financial services are forged, with consumer-facing apps and digital channels in the mix, there’s still a need for robust record-keeping and reconciliation. Regulators are busy forging new rules that would ensure better recognition and tracking of where customers’...
