The Chime Settlement - Three Lessons for Fintech CCOs
Chime is an application that works with banking partners to provide consumer-oriented banking products.
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Chime is an application that works with banking partners to provide consumer-oriented banking products.
The Massachusetts Securities Division filed an administrative complaint against the trading app Robinhood for breach of the Massachusetts securities rules and regulations on December 16, 2020.
Fintech innovators are known for pushing boundaries. Their ability to think out-of-the-box is considered a major success factor. However, when it comes to regulatory rules there’s a point where an adman’s creative license can turn into a compliance infraction. LendingClub learned this lesson the hard way when the FTC filed a complaint against them for deceptive advertising claims.
In many ways, small fintech lenders look and behave more like consumers than corporations. But unlike consumers, they are not protected by disclosure requirements under the Truth in Lending Act.
While lenders are required to comply with anti-discrimination laws like the Equal Credit Opportunity Act, these lenders are not subjected to supervisory exams like those required for community banks and credit unions.
At InnReg we resolve a myriad of complex fintech compliance issues for cutting edge clients in highly regulated industries. We’re passionate about launching your creative ideas without compromising your original vision, and without undue regulatory risk.
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