Asset owners persistently boost ESG allocations amidst surging challenges

Asset owners persistently boost ESG allocations amidst surging challenges

October 5, 2023

A survey by Morningstar has found asset owners continue to increasingly allocate resources into strategies that integrate ESG factors. In the comprehensive report titled “Voice...

Unlocking the secrets of the double materiality assessment for CSRD compliance

April 2, 2024

The DMA is a cornerstone of the CSRD framework, pivotal in determining the sustainability-related information that organisations are compelled to disclose.

6 of the biggest FinTech acquisitions in H1 2023

July 12, 2023

As we enter the second half of the year, FinTech Global has highlighted some of the biggest acquisition deals of the year. As the financial...

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.

HUB International unveils Builder’s Risk insurance solutions

February 23, 2024

Hub International Limited (HUB), a premier global insurance brokerage and financial services firm, has recently announced the introduction of HUB Builder's Risk Insurance Solutions. This...

Pan-African neobank Payday nets $3m seed

March 29, 2023

Payday, a pan-African neobank issuing global accounts to Africans, has scored $3m in a seed funding round headed by Moniepoint.

Enhanced reporting and audit powers: A deep dive into Canada’s federal budget 2024

April 30, 2024

On 16 April 2024, Chrystia Freeland, deputy prime minister and federal finance minister, unveiled the Canadian Federal Budget for 2024-2025. This budget introduces pivotal...

Embracing personalisation: How WealthTech is redefining investment strategies

March 19, 2024

The landscape of investing is undergoing a seismic shift, transitioning from the traditional broad-stroke approaches to a new era where personalised investing takes centre stage.