One US agency is under investigation – and it could spell trouble for US fintech

From: Business Insider

The US Consumer Finance Protection Bureau (CFPB) is an active supporter of fintech and more specific fintech regulation via its Project Catalyst initiative, but its ability to continue in this role is in question as it faces an increasing number of challenges.

The agency has been hit hard by critics of late, and President-elect Trump’s transition team is investigating the CFPB’s recent performance, according to the Wall Street Journal. At the same time, it remains embroiled in a legal battle over whether its organizational structure is constitutional. If the CFPB is unable to untangle itself from these issues, it could negatively impact its fintech initiatives — and the US fintech industry more broadly.

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Trump nominee to head OMB could create hurdles for CFPB regulations

From: Ballard Spahr

It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB).  Mr. Mulvaney has been described as a “staunch deficit hawk” and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration.

Federal regulators take aim at dialysis providers steering patients into private plans

From: St. Louis Post-Dispatch


The main aim of the new interim final rule, published Wednesday in the Federal Register, is to require dialysis centers to be more transparent with patients and insurance companies, the Centers for Medicare and Medicaid Services says.


Noting the magnitude of the potential financial conflicts of interest and “abusive practices,” CMS said in a written summary explaining the new rule, “We are unsure if disclosure standards will be sufficient to protect patients.” So the federal agency is asking stakeholders to comment on whether patients would benefit from further restricting premium assistance payments.

Financial Technology Start-Ups to Get a License to Bank

From: New York Times

Regulators are planning to create a new type of banking license that will allow upstart financial technology companies to expand more quickly across the country.

The plans for the new type of bank license were announced Friday morning by the comptroller of the currency, Thomas J. Curry, after months of public discussion on the possibility

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