Summer is officially over, and the leaves are changing for fall. But the leaves aren't the only thing changing right now - more and more fintechs are moving to Atlanta and making it their home, NY wants to put an end to the OCC fintech charter, new laws on data breach notifications, regulatory changes and more. Read the stories below.
Industry News for the Week of September 17
No surprise to me, having lived there and visiting industry leaders like InComm and TSYS many times, Atlanta area handles over 70% of nations payment volume:
To address potential talent shortage in what's called "Transaction Alley," the Georgia Fintech Academy has been formed to train University System of Georgia students to work with cloud, open source and other emerging technology with a focus on payment processing systems.
The payment processing industry employs about 40,000 people in Georgia, according to PC World.
‘Fintech Charter’ Has No Early Takers as Lawsuit Looms
The Wall Street Journal | Wed September 12, 2018 - The lack of immediate interest from the likes of LendingClub Corp. LC, Square Inc., and others comes in large part from uncertainty about what activities the Office of the Comptroller of the Currency’s so-called fintech charter will allow, what regulatory requirements it will carry, and whether it will hold up in court. That uncertainty grew Wednesday when the Conference of State Bank Supervisors, a group of state regulators, said it intends to file a lawsuit challenging the OCC’s authority, renewing a previously unsuccessfully legal challenge.
How Dodd-Frank has played out - Ballard Spahr quoted in here as well, along with third party collections: Read here
NY files to stop OCC fintech charter – actually, this is their second attempt to sue to stop: Read here
Fed wants its say on fintech charter: Read here
2018 Technology Survey: Enhancing Board Know-How... survey says: Read here
Reputation risk is real: Read here
Possibly a new law on breach notification requirements: Read here
Cybersecurity in the State Department: Read here
Board governance best practices: Read here
KPMG says most companies are not yet automating compliance: Read here
Regulatory change from MBA perspective: Read here
Comptroller Otting defends the OCC FinTech charter: Read here
The meaning of supervisory guidance: Read here
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