It appears that the financial troubles of Ditech Holding Corp., the nonbank formerly known as Walter Investment Management, are far from over. Last year, the company emerged from Chapter 11 bankruptcy after completing a financial restructuring plan that eliminated $800 million in corporate debt and changed its name to Ditech Holding.
CUNA submitted a letter Monday in response to the Consumer Financial Protection Bureau’s (CFPB) proposal to amend its No-Action Letter (NAL) Policy and create a “Product Sandbox” to facilitate innovation, urging the bureau avoid creating an uneven playing field. “CUNA highly recommends the Bureau refrain from taking an overzealous approach to innovation that places traditional depository institutions at an unjustified disadvantage,” the letter reads. “Innovation, through technology and other creative solutions, has the potential to enhance the delivery and quality of financial products and services to consumers…CUNA supports the CFPB’s effort to use its authority to encourage innovation through mechanisms like the NAL Policy and Product Sandbox so long as credit unions are given equal access to such programs and any approved programs are limited in number and narrow in scope.”
Attorney General Frosh Signs Multistate Letter Supporting Continuation and Strengthening of FTC Identity Theft Rules
the rules were adopted.
How technology drove the ‘disrupt or be disrupted’ choice of Suntrust-BB&T deal, and why there’s more on the way
Banks are spending billions to keep up with the break-neck speed in technology and upgrade older, legacy systems. But firms without billions of dollars to pour into that effort are forced to get creative. One option is teaming up. BB&T and SunTrust announced they were taking that route on Thursday, in part to stay competitive in today’s digital landscape. The two plan to merge in a $66 billion deal to make them the sixth biggest U.S. bank based on customer assets
As the payments landscape evolves and becomes ever more digital in scope, and as FinTech firms make inroads into traditional financial services, regulators are looking at FinTech credit — and how it might be defined and shaped. There seem to be no easy answers on just how to regulate the space. The Financial Stability Board (FSB) has released a report, stating that “descriptions of FinTech credit business models vary significantly across jurisdictions.” As noted by Forbes, the study found that a minority — make that 26 percent — of regulatory agencies surveyed by the FSB actually have definitions of FinTech lending in place. Those definitions stretch across peer-to-peer (P2P) lending or marketplace lending, for example. However, the fact remains that, without specific definitions in place, it becomes difficult to collect data.