Banking & Finance

A conversation with the European fintech regulator — Steven Maijoor
Fintech Beat podcast, Episode 7

(Lidiia Moor/iStock)

The Facebook coin: What it means for fintech and society
Fintech Beat podcast, Episode 6

(iStock)

Welcome to Fintech Beat, the intersection of finance, technology, policy and regulation. Facebook is poised to enter and potentially reshape the cryptocurrency landscape. Host Chris Brummer, fintech regulation expert, and guests mull over what this means for fintech and society.

The financial technology trade wars
Fintech Beat podcast, Episode 5

(iStock)

What's in your crypto wallet? And how to keep it safe
Fintech Beat podcast, Episode 3

(iStock)

A conversation with the CFTC regulator — Christopher Giancarlo
Fintech Beat podcast, Episode 2

Chris Giancarlo. (Photo courtesy Commodity Futures Trading Commission)

Financial policy and regulation is changing. We’re going to make sense of it for you.
Fintech Beat podcast, Episode 1

Chris Brummer, professor and faculty director of the Institute of International Economic Law at Georgetown Law, is the host of Fintech Beat — from CQ Roll Call's studios in the heart of Washington. (Jinitzail Hernández/CQ Roll Call)

Mobile payments up but pace of growth slows
23 percent of smartphone owners used a mobile wallet app in 2018

U.S. consumers spent $64 billion through mobile wallet apps or dedicated apps from a retailer last year. (Courtesy iStock)

Payments made through mobile apps like Apple Pay are rising, but at a slower rate than in past years, according to a report by the Electronic Transactions Association.

U.S. consumers spent $64 billion through mobile wallet apps or dedicated apps from a retailer last year, up from $45 billion in 2017, the ETA said. The 42 percent rate of growth in 2018 was down from 51 percent in 2017. The pace is expected to slow to 37 percent in 2019, resulting in $88 billion in consumer spending by such means.

House panel advances anti-money laundering bill with only some GOP support
Backers hope it’ll be enough to move in the Senate

House Financial Services ranking member Patrick T. McHenry of North Carolina was wooed to support an anti-money laundering bill but never signed off. Supporters hope that will not jeopardize its chances in the Senate. (Tom Williams/CQ Roll Call file photo)

After holding an anti-money laundering bill for a month in the hopes of winning over the committee’s top ranking Republican, the House Financial Services Committee advanced it without him on Wednesday, in a move that could ultimately undermine the odds of passing it through the Senate.

The legislation would require corporations and limited liability companies to report who actually owns them to the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, in the hopes of curbing the use of anonymous shell companies for hiding illicit assets from criminal investigators and tax officials.

Global regulators divide on fintech impact on financial system
New reports highlight inability to reach consensus on best approaches

A new report says regulators of the world’s leading economies need to watch how they oversee cryptoassets and be wary of gaps that could undermine investor protections and anti-money laundering efforts. (Dan Kitwood/Getty Images file photo)

Regulators are divided on the potential impact of financial technology on the global financial system and the need for better coordination and oversight.

As leaders prepare to gather for the G-20 meeting in Japan in late June, their finance ministers and central bankers are getting conflicting advice from regulators on the risks and benefits of fintech.

Ben Carson says Rep. Katie Porter asked ‘Ha! Gotcha!’ questions. She said it was ‘not a joke’
Porter: ‘Start by sending me answers for the American people, not cookies’

Rep. Katie Porter garnered headlines when Housing and Urban Development Secretary Ben Carson answered her question about REOs: “Oreo?” (Tom Williams/CQ Roll Call)

Rep. Katie Porter sparred with Housing and Urban Development Secretary Ben Carson on Twitter on Wednesday after Carson dismissed his headline-grabbing misunderstanding during testimony as “silly.”

Carson was accused of incompetence in May while testifying to the House Financial Services Committee when he did not recognize a common abbreviation used to describe government-owned foreclosed properties.