Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
FinTech Charter Hits Speed Bump
PYMNTS | May 6, 2019
The suit can proceed.
The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies.
Judge Victor Marrero, presiding over the U.S. District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency (OCC).
The New York department had argued that the OCC had stepped beyond its regulatory authority (and is misinterpreting the National Bank Act) when it had offered the “special purpose” charter in the middle of last year.
The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA
. Indeed, if DFS’ characterization of the impact is accurate – which the Court assumes, given the posture of this order … the OCC’s reading is not so much an ‘interpretation’ as ‘a fundamental revision’ of the NBA.”
See: Tech’s raid on the banks
The national licenses would let FinTechs lend money and paychecks to consumers.
Separately, in news germane to the OCC, it has opened up a 45-day public comment period on a proposed Innovation Pilot Program encouraging banks to participate in pilots spanning as long as 24 months. It would allow banks to offer regulatory impact on innovations that include some tech-driven initiatives. The pilot program is distinct from a sandbox approach, where pilots tied to innovation get regulatory waivers.
Separately, the Reserve Bank of India late last week said it has fined Yes Bank as much as 11.25 lakh (roughly $1.6 million USD) as a penalty under the Payment and Settlement Systems Act of 2007. The penalty was levied in the wake of violations that involved the “issuance and operation of prepaid payment instruments in connection with certain product features of an open loop prepaid card (co-branded) previously issued by the bank,” according to Yes Bank. The prepaid product had been launched as a pilot program in September of 2017 and was discontinued in March of last year.
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Intellectual Property | Dec 4, 2023 AccelerateIP launches with $12.5 million funding to help over 600 startups understand and secure their intellectual property The launch of AccelerateIP, as reported by Techcouver, is expected to help over 600 startups across British Columbia, Yukon, Nunavut, and the Northwest Territories with the $12.5 million funding received. The program's collaboration with the Province of British Columbia on their Intellectual Property Strategy initiatives further amplifies its impact. Led by New Ventures BC and supported by Innovate BC, along with a network of accelerator partners. ElevateIP Program Background ElevateIP, a program initiated by the Government of Canada a year ago, is designed to help Business Accelerators and Incubators (BAIs) provide Canadian startups with the necessary tools to understand, strategically manage, and leverage their IP. This initiative is part of the broader National Intellectual Property Strategy launched in 2018. The program was announced in the 2021 Budget, with an allocation of $90 million over four years starting from 2022-2023. Key activities include: Facilitating IP support by BAIs to startups across Canada; Increasing IP capacity in the BAI ecosystem through IP education for BAIs and their client startups; and Enabling BAIs to provide targeted supports customized to the ...
AI | Dec 4, 2023 AI is a game-changer, reshaping how startups innovate and deliver services. AI Is changing the startup landscape forever. For instance, AI-driven platforms like Wealthsimple in Canada have revolutionized personal finance management, offering automated, algorithm-driven financial planning services. In the US, companies like Affirm and Robinhood are leveraging AI to personalize investing and credit services, making them more accessible to a broader audience. Across Europe, startups like Revolut and Klarna are using AI to enhance user experience and security, offering real-time fraud detection and tailored financial products. These examples underscore a significant shift towards AI-driven personalization and efficiency in financial services. See: AI Metamorphosis in Venture Capital For investors, this shift means looking beyond traditional metrics and considering the innovative potential of AI in transforming financial services. The ability of AI to process vast amounts of data for insights, risk assessment, and customer personalization presents a new frontier for investment opportunities. Founders, on the other hand, must focus on leveraging AI to address specific financial challenges, ensuring compliance with evolving regulatory standards, and maintaining ethical standards in data usage. Evaluating AI Startups NFX has recently published the 5-Level AI Spectrum offering a high level framework for ...
Crypto Tax | Nov 29, 2023 The Canadian Revenue Agency (CRA) Has Clarified That Crypto Deposits on Trading Platforms May Trigger Taxes As deftly summarized in this November 2023 client update article from Goodman's LLP, the CRA suggests that: A client holding cryptocurrency through a centralized Crypto Trading Platform (CTP) may not actually own the cryptocurrency for Canadian income tax purposes. Depositing cryptocurrency with a trading and lending platform could be considered a disposition for Canadian tax purposes, making it a taxable event for the client. Notes The CRA's response was based on two specific questions. The first question involved a Canadian taxpayer who lost bitcoin due to fraud on a platform. The CRA's response highlighted the need to determine the nature of ownership and the platform's liability in such cases. The loss's tax treatment depends on whether the cryptocurrency was held as a business or as a capital investment and the contractual relationship between the taxpayer and the CTP. See: Proposed Changes to Crypto Mining GST/HST Rules: What’s Capture and What’s Not? The second question addressed the tax implications when a taxpayer transfers bitcoin to a platform offering a return, payable in bitcoin. The CRA concluded that such a ...
Canadian Payments Regulation | Nov 30, 2023 New Retail Payments Regulatory Framework On November 28, 2023, Ron Morrow, the Executive Director – Supervision at the Bank of Canada delivered a speech about the new Retail Payments Activities Act in Canada at the Central 1 Momentum Summit in Vancouver, BC. See: Canada’s New Retail Payment Regulations: Registration and Compliance Passed in the summer of 2021, the new Retail Payment Activities Act in Canada is a major shift in the supervision of retail payments, expanding the oversight of the Bank of Canada to include a broader range of Payment Service Providers (PSPs), many of which were previously not subject to supervision beyond anti-money laundering regulations. The Bank of Canada is focused on managing risks associated with payment activities. The robustness of national payment systems and rigorous supervisory roles of central banks have increased, especially after events like the Herstatt Bank failure in 1974 and the 2008-09 financial crisis. Registration and Compliance Under the new regime, PSPs are required to register with the Bank of Canada and comply with minimum standards for managing operational risks and safeguarding end-user funds. This includes separating end-user funds from operating funds and ensuring their protection through trust, ...
Investing | Nov 29, 2023 Reflecting on Charles T. Munger who passed away yesterday at the age of 99 in Santa Barbara, California Charles Thomas Munger (January 1, 1924 – November 28, 2023) The recent passing of Charlie Munger, the esteemed vice-chairman of Berkshire Hathaway (and billionaire), marks the end of an era in the investment world. As reported by The New York Times, Munger's influence extended beyond investment strategies to shaping the very culture of Berkshire Hathaway. His emphasis on integrity, patience, and rational decision-making are principles that fintechs and investors can adopt for long-term success. Born in Omaha in 1924, Munger served in the Army Air Corps and later graduated from Harvard Law School. He practiced law before shifting to investing, where he made his first million dollars. Munger was also known for his philanthropic efforts, particularly in architecture, donating millions to university projects. He was active in Berkshire Hathaway into his 90s and served as chairman of Good Samaritan Hospital in Los Angeles. Despite being overshadowed by Warren Buffett, Munger's influence at Berkshire Hathaway was significant. He was known as the originator of the company's investing approach, shifting Buffett's strategy from buying undervalued companies to investing in ...
Canadian Digital Dollar | Nov 29, 2023 Bank of Canada Publishes Stakeholder Feedback on The Canadian Digital Dollar Initiative Since 2020, the Bank of Canada has actively engaged with Canadians and stakeholders to gather insights on the digital Canadian dollar. This has included diverse discussions with the financial sector, focus groups, civil society groups, and an online public questionnaire. The Bank of Canada's report, "A Digital Canadian Dollar: What we heard 2020–23 and what comes next", provides a feedback lens across several themes. Key Feedback Themes There's a shared interest in accessibility and financial inclusion ensuring that the digital dollar caters to underserved communities, with a focus on making it accessible without stringent identification requirements. This approach aims to bridge gaps in current digital payment offerings and promote universal access. Stakeholders emphasized the importance and concerns of privacy, advocating for a digital currency that offers the anonymity of banknotes. The public expressed strong reservations about sharing personal information and the potential overreach of privacy laws. See: Bank of Canada Publishes Staff Paper on ‘Unmet Payment Needs and CBDCs The importance of maintaining access to physical currency was highlighted, with suggestions to mandate merchant acceptance of banknotes to support marginalized communities ...
Regulation | Nov 29, 2023 Elon Musk and Mark Cuban Support Legal Challenge Against SEC's In-House Judges Elon Musk and Mark Cuban are backing hedge-fund manager George Jarkesy in a significant legal battle against the Securities and Exchange Commission (SEC). This case, now before the US Supreme Court, questions the SEC's use of in-house judges for imposing penalties. Jarkesy's argument, supported by Musk and Cuban, is centered on the constitutional right of defendants in SEC cases to have a jury trial. This challenge could reshape how the SEC and potentially other regulatory bodies like the Federal Trade Commission conduct their enforcement actions. The Problems with Conflicts and Power Imbalance The problem with the Securities and Exchange Commission (SEC) using in-house judges primarily revolves around concerns of fairness, constitutional rights, and the balance of power in regulatory enforcement. Here are some key points of contention: The central issue is the SEC's ability to bring cases before its own administrative law judges (ALJs) instead of federal courts. Critics argue that this denies defendants the constitutional right to a jury trial, which is seen as a fundamental aspect of the American legal system. There's a perception that in-house judges may be biased in ...
Nov 29, 2023 Nowadays environmental concerns have reached critical levels, that’s why sustainable construction practices have emerged as a beacon of hope. These practices not only help protect our planet but also offer numerous advantages to homeowners and builders alike. In this article, we will dig into the methods and merits of sustainable construction. Methods of Sustainable Construction Here are some key principles and methods integral to sustainable construction: 1. Energy Efficiency One of the foundational pillars of sustainable construction is ensuring that homes are constructed with energy efficiency and environmental sustainability at their core. This is where the auditing platform for home renovation grants comes into play. Such platforms provide valuable resources and support to homeowners and builders who are committed to accessing grants and incentives for sustainable construction projects. Sustainable construction places a strong emphasis on optimizing energy usage. Lighting serves as a crucial component of any building, and the choice of lighting fixtures holds the potential to dramatically impact energy efficiency. LED lights have emerged as the go-to choice for sustainable construction due to their myriad of benefits. LED lights are remarkably energy-efficient, consuming significantly less electricity compared to traditional incandescent or fluorescent bulbs. This substantial reduction ...
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