Andreesen Horowitz leads $14m investment in Doppel’s digital risk technology

January 24, 2024

Doppel, a firm known for its innovative approach to brand protection, has successfully secured $14m in a Series A funding round.

AI in the crosshairs: FBI’s stark warning of emerging threats from hackers

July 31, 2023

The FBI has issued a warning regarding the increased threat from criminal and nation-state hackers who are targeting AI technologies.

Generational investment divide: Young favour US while elders back Britain

June 12, 2023

In Q1 2023, young investors exhibited a preference for US markets, while their older counterparts backed British funds, as per a recent report from smart money app Plum.

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First Connect Insurance bolsters offering with biBERK

October 19, 2022

First Connect Insurance Services, a digital insurance platform and subsidiary of Hippo Insurance Group, has added a product offering from biBERK.

KYND launches cyber risk management tools for MSPs

October 20, 2022

Cyber risk technology developer KYND has released the next generation of its cyber risk management for the managed service providers (MSP) sector.

Philippines banks rally behind BSP’s sustainable finance measures

December 19, 2023

The Bangko Sentral ng Pilipinas (BSP) has announced significant regulatory changes to promote green and sustainable financing.

Navigating the complexities of the Consumer Financial Protection Bureau's (CFPB) Section 1071 rule is crucial for financial institutions across the United States. In an enlightening eBook, Fenergo's director of thought leadership, Tracy Moore, demystifies the essentials that businesses must grasp concerning this significant regulatory development. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 1071 has stirred substantial debate and legal scrutiny. Despite ongoing litigation, it's pivotal for financial entities to gear up for the forthcoming adjustments in compliance, staffing, and the financial outlay tied to this mandate. What exactly is Section 1071? Introduced by the CFPB, 12 C.F.R. Part 1002 enacts Section 1071 of the Dodd-Frank Act, marking a stride towards augmented regulatory oversight in the realm of commercial lending, particularly within the small business segment. Effective from March 30, 2023, this rule is tailored to enhance data collection and reporting processes for lenders engaged in small business financing. A vast spectrum of financial establishments, including traditional banks, credit unions, online lenders, and others active in small business lending, falls under its purview. The specificities of the compliance requirements and reporting duties hinge on the scale and scope of an institution's small business lending activities. The enactment of this rule, encapsulated in an extensive 888-page document, necessitates a thorough understanding by financial institutions to align with its stipulations. Fenergo's resource offers a comprehensive exploration of the rule's principal elements, compliance strategies, and the broader context enveloping its introduction, spotlighting the controversies it has incited. As the financial sector stands on the cusp of these regulatory shifts, grasping the nuances of Section 1071 becomes imperative for navigating the future landscape of small business lending. Read the story here. Keep up with all the latest FinTech news here Copyright © 2024 FinTech Global

Navigating the compliance maze: A guide to the CFPB’s Section 1071 Rule

February 16, 2024

Navigating the complexities of the Consumer Financial Protection Bureau's (CFPB) Section 1071 rule is crucial for financial institutions across the United States.

Unlocking front office potential: The shift from manual KYC to automated processes

April 26, 2024

The role of front office staff is crucial in driving revenue, yet the burden of KYC onboarding can significantly impede their productivity. Transitioning from...

KYC Portal CLM: Enhancing GRC frameworks with advanced risk management technologies

April 11, 2024

In today's business landscape, marked by extensive regulatory demands and significant operational hazards, establishing strong GRC (Governance, Risk Management, and Compliance) frameworks is crucial for maintaining organisational integrity and achieving success.