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Category Archives: Financial

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U.S. Consumer Protection Regulator Consults on Use of Alternative Credit Data

Posted in Big Data, Financial, FinTech

On February 16, 2017, the U.S. Consumer Financial Protection Bureau (the “CFPB”) issued a Request for Information (“RFI”) seeking feedback from the public on the use or potential use of alternative data and methodologies to assess consumer credit risk, thereby expanding access to credit for credit invisible segments of the population. Presently, most lenders make… → Read More

Chatbots, Open Data and Sandboxes: Trending Topics from the 2016 Money20/20 Conference

Posted in AI and Machine Learning, Financial, FinTech, Mobile Payments, Privacy

With 10,000+ attendees, including more than three thousand companies from seventy-five countries, Money20/20 is the largest annual global event focusing on payments and financial services innovation. The 2016 conference in Las Vegas this October featured a packed agenda of talks by industry and thought leaders on a broad range of current and emerging Fintech issues,… → Read More

FDIC Issues Proposed Guidance on Best Practices for Third-Party Lending: Implications for Canadian Banks and Lenders

Posted in Financial, FinTech, Payments

Background The FDIC recently released for comments a proposed guidance with respect to third-party lending (the “Proposed Guidance”). While subject to potential revisions following the FDIC’s review of comments, the Proposed Guidance provides valuable insight into current regulatory trends relating to marketplace lending. The Proposed Guidance defines “Third-Party Lending” as lending arrangements that rely on… → Read More

Canada’s Competition Commissioner Emphasizes Innovation, Highlights Fintech Market Study

Posted in Big Data, Financial, FinTech

Canada’s Commissioner of Competition, John Pecman, spoke on October 6th, 2016 to the Canadian Bar Association’s Competition Law Fall Conference, addressing the link between competition and innovation and providing updates on the Fintech market study launched by the Competition Bureau earlier this year. Competition Drives Innovation The Commissioner noted that new disruptive technologies challenge not… → Read More

NY State Introduces Cybersecurity Regulations for Financial Services: Implications for Canadian Business

Posted in Cybersecurity, Financial, FinTech, Legislation, Regulatory Compliance

The New York State Department of Financial Services announced its  first state-level regulation for cybersecurity. The proposed regulation would apply to regulated banks, insurance companies, and other financial services institutions and has implications for Canadian organizations doing business with these entities. On September 13, 2016, the New York State Department of Financial Services (“DFS“) announced a… → Read More

Canada’s First Regulatory Sandbox for Fintech? OSC Announces Plans for “OSC LaunchPad” Innovation Hub

Posted in Financial, FinTech, Regulatory Compliance

OSC chair Maureen Jensen has announced that the OSC plans to launch an innovation hub for fintech entities. “OSC Launchpad” will be the first fintech hub for a Canadian securities regulator. Securities regulation in Canada impacts a number of fintech business models (including companies offering online advising, peer-to-peer lending, crowdfunding platforms and angel investor organizations)…. → Read More

FinTech in Canada: A Report Studying The Canadian FinTech Ecosystem

Posted in Big Data, Financial, FinTech

“FinTech in Canada: British Columbia Edition” brings insight from more than a hundred stakeholders in the Canadian FinTech sector on challenges and opportunities, provides a comparative overview of the FinTech ecosystem in Canada and 16 other countries, including the U.K., U.S. and Australia and offers recommendations to advance FinTech in Canada. The Digital Finance Institute… → Read More

RegTech Stepping Forward: UK Financial Services Regulator Publishes Results on RegTech Consultation

Posted in Big Data, Financial, FinTech, Privacy, Regulatory Compliance

What is RegTech? The UK’s financial prudential regulator, the Financial Conduct Authority (the “FCA”), has recently published its Feedback Statement on Call for Input: Supporting the development and adopters of RegTech, where it outlined the result of its earlier Call for Input on how to support the development of “RegTech”. “RegTech” is defined by the… → Read More

German Regulator Finds Banks’ Data Rules “impede non-bank competitors”

Posted in Big Data, European Union, Financial, FinTech

“Open Banking” is an emerging term in financial services / financial technology that refers, among other things, to the use of open application programming interfaces (“APIs“) enable third party developers to build applications and services around a financial institution. This requires a financial institution to throw open the doors to its customer data and allow… → Read More

Mutual Fund Dealers Association of Canada releases Cyber Risk Management Guidance

Posted in Cybersecurity, Financial, Regulatory Compliance

Earlier last month, the Mutual Fund Dealers Association of Canada (MFDA) released a bulletin providing guidance on cybersecurity and cyber risk management for mutual fund distributors. The goal of the bulletin is to increase awareness for cyber vulnerabilities and to provide guidance for developing and implementing internal cybersecurity policies. The bulletin emphasizes the importance of… → Read More

Bank Robbery 2.0: SWIFT Issues Cybersecurity Warning Following Bangladesh Central Bank Theft

Posted in Cybersecurity, Data Breach, Financial

In the wake of a cyberattack in which over $850 million worth of transactions were affected and which implicated the security measures of major banking institutions on several continents, banks were reminded to review and follow their security measures. While Canadian financial institutions were not directly affected, the event (and the subsequent warning) serves as… → Read More

The New York Department of Financial Services Proposes Cybersecurity Regulations

Posted in Cybersecurity, Financial

  The New York Department of Financial Services (“DFS”) had announced in March of 2015 that as part of its plan to address a possible Cyber 9/11, it would revamp examinations of banks and insurance companies to incorporate new, targeted assessments of cybersecurity preparedness, and would consider steps to address the cybersecurity of third-party vendors…. → Read More

Annoying Ain’t Enough: Moral Damages in the Context of Security or Data Breaches

Posted in Data Breach, Financial

In early 2013, an employee of the Investment Industry Regulatory Organization of Canada, the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity in the Canadian marketplace (“IIROC”), lost an unencrypted USB drive containing confidential and personal data of approximately 50,000 customers of its dealer members (the “Security Breach”)…. → Read More

U.S. Federal Financial Institutions Examination Council (FFIEC) Releases Cybersecurity Assessment Tool

Posted in Cybersecurity, Financial, Regulatory Compliance

On June 30, 2015, the FFIEC released its cybersecurity assessment tool designed to assist U.S. financial institutions and regulatory examiners identify inherent cybersecurity risks and determine preparedness level of financial institutions.  The cybersecurity assessment tool and other resources can be found at https://www.ffiec.gov/cybersecurity.htm. Background The FFIEC, which is composed of the Board of Governors of… → Read More