“The Financial Stability Board says that the Covid pandemic has enabled Big Tech firms like Google, Amazon and Apple and fintechs to widen their footprint in financial services, with significant implications for incumbents and consumers. The FSB report acknowledges that Big Tech and fintech firms’ expansion into financial services can bring benefits such as improved cost efficiencies and wider financial inclusion for previously underserved groups. However, it also cautions over the potential for market dominance.”

“Britain’s financial regulator has ordered Binance, one of the world’s largest cryptocurrency exchanges, to stop all regulated activity and issued a warning to consumers about the platform, which is coming under growing scrutiny globally. In a notice dated 25 June, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance’s UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect”.”

“Japanese online merchant Rakuten Inc. wants to open a bank in Utah to offer loans, credit cards and other financial services to customers of its existing U.S. cashback-shopping business, the company said Friday. “We’re going to focus on that customer base we already have,” said Lee Carter, the new head of banking development at Rakuten and a former UBS Group AG executive. “That’s really the community that we want to extend additional financial services to.” Rakuten in 2014 acquired Ebates Inc. in a $1 billion all-cash deal and says it now has 13 million regular clients in the U.S. But Rakuten’s foray into the U.S. banking system could face political headwinds, given its foreign ownership and technology focus.”

“State bank regulators on Thursday sued a federal agency that they say is overstepping its bounds by offering national bank charters to financial technology startups. The Office of the Comptroller of the Currency, which oversees national banks, this summer finalized plans to put forward a limited charter for fintech companies, allowing those firms to operate across state lines without having to comply with each state’s rules.”

Iif Facebook is selling information about a consumer’s general reputation—trustworthiness—to third parties that might reasonably be expected to use it for credit, insurance, or employment, it’s a CRA, and that means it’s subject to a host of regulatory requirements as well as civil liability, including statutory damages for willful noncompliance.”