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Regulatory News

The Consumer Financial Protection Bureau (CFPB) Is Clear: You Can’t Outsource Responsibility

Federal regulators have demonstrated through recent regulatory guidance and enforcement actions that financial institutions are responsible for managing third party service providers’ activities. Recently, Peggy Twohig, the CFPB’s Assistant Director for Nonbank Supervision, went a step further, indicating that if a service provider is not meeting regulator expectations, a financial institution should renegotiate or even sever the relationship. This means ... Read More »

First Private Sector Consumer Credit Bureau Launched in China by Alibaba Affiliate

Sesame Credit, heralded as China’s first private sector consumer credit information company, was launched by Ant Financial Services Group, the parent company of Alipay.  Called Sesame Credit, the new agency leverages big-data technology and customer behavior analytics to assess creditworthiness, which is expected to make it easier for companies to extend credit to millions of Chinese consumers, according to Sesame Credit officials. ... Read More »

EU Proposes Central Registers on Beneficial Owners of Corporate and other Legal Entities

The fourth EU anti-money laundering directive (AMLD) will require EU member states to keep central registers of information on the ultimate “beneficial” owners of corporate and other legal entities, as well as trusts.   A “beneficial” owner is defined as a person who actually owns or controls a company and its activities and ultimately authorizes transactions, whether such ownership is exercised ... Read More »

Standard & Poor’s Ratings Services Reaches Settlements with SEC and Attorneys General of New York and Massachusetts

Standard & Poor’s Ratings Services (S&P Ratings), a business unit of McGraw Hill Financial, Inc. (NYSE: MHFI) has reached a settlement with the U.S. Securities and Exchange Commission (SEC) to resolve the SEC’s investigation into six U.S. conduit/fusion commercial mortgage-backed securities (CMBS) transactions rated by S&P Ratings in 2011 and two additional U.S. conduit/fusion CMBS transactions from that period, the ... Read More »

US Recommends further Data Privacy Initiatives

On January 12 at the Federal Trade Commission President Obama unveiled several programs to protect data privacy and civil liberties. While his administration is targeting privacy at all levels, there are three initiatives aimed specifically at student data. The Student Digital Privacy Act: This bill, modeled on a landmark California statute, builds on the recommendations of the White House Big Data ... Read More »

The People’s Bank of China (PBOC) Opens Commercial Market for Consumer Credit Reporting

Powerhouses such as Tencent Holdings, Alibaba Group Holding and Ping An Group to enter consumer credit reporting as well as several others.  While the big three may qualify for individual licenses it is being said that they may cooperate in creating on single credit bureau. Following the introduction credit reporting regulations in 2013 speculations run high as to when and ... Read More »

European Union is Divided on Net Neutrality…

People have wondered how an Internet without net neutrality would work. It is currently hypothetical that on an Internet without net neutrality, companies would need to “pay to play” and live by arbitrary, ISP-devised rules for accessing consumers who want and pay for their services. This is the so-called “fast lane.” While ISPs argue this is about network utilization and ... Read More »

Commercial Credit Information: “Show me your operating license and I shall buy your information.”  

BIIA’s editor observed a number of recent comments made by information suppliers about the legal aspects of collecting credit information in China, which could give the impression that certain suppliers may have obtained information illegally or haphazardly. William F.M.J. Baastian, Board member at Creditreform China, advises readers of the Creditreform Magazine only to buy credit information from reliable sources.  He ... Read More »

CIBIL: Expanding Information Sources to Rate First Time Borrowers

The Credit Information Bureau (India) Ltd (CIBIL) has written to Reserve Bank of India (RBI), Irda and Trai to enable the Bureau to collect data from service providers that would facilitate the first time borrowers to have an indicative credit score. Speaking on the sidelines of Fifth Annual Credit Information Conference, organised by CIBIL, M V Nair, chairman, CIBIL said that ... Read More »

EU Commission Publishes SME Performance Review

The SME Performance Review is one of the main tools the European Commission uses to monitor and assess countries’ progress in implementing the Small Business Act (SBA) on a yearly basis.  With an emphasis on the measures from the SBA Action Plan, the review brings comprehensive information on the performance of SMEs in EU Member States and other 9 partner countries. It ... Read More »