Lessons From Robinhood


FINRA served up an eye-popping enforcement action this week, hitting online trading app Robinhood with a $70 million fine — the largest ever in FINRA history — for a host of poor business practices and misleading statements made to Robinhood customers over the years.  The settlement order is 123 pages long, so clearly it will…

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Regulators on AML: Get Innovative

Financial regulators published a statement Monday encouraging banks to “implement innovative approaches” to their anti-money laundering compliance efforts, and said that firms will not be penalized for experimenting with new technologies for AML compliance “even if the pilot programs ultimately prove unsuccessful.” Those innovative approaches, the regulators said, might range from building sophisticated financial intelligence…

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Congress Talks Fintech Law

GRC frameworks

The Senate Banking Committee dipped its toes this week into the future of fintech regulation, debating whether that future should mean implementing new rules to cover the emerging sector or shedding existing financial regulations that might hamper innovation. The hearing included testimony from representatives of fintech and financial services companies as well as academia. Committee…

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Trump Admin Speaks on Data Breaches, Fintech


The Treasury Department came out swinging Tuesday in favor of a national data breach law and a light regulatory touch for “fintech firms” swarming into the banking and compliance worlds. Those were two among more than 80 recommendations contained in a 200-page report from the Treasury Department looking at fintech and nonbank financial firms. The…

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