FinTech Daily: Dodd-Frank repeal will kill FinTech; EU-Canada trade deal sends message to Trump; EU
Fintech companies: Dodd-Frank repeal might kill your startup
Some people are under the impression that de-regulation will free up Fintech startups, but what it most likely will do is kill them. Dodd-Frank ensures open and accessible financial data. In Section 1033, the law authorizes the Consumer Financial Protection Bureau (CFPB)to standardize the format of all that data and the way it is shared with third parties in digital format. They protect a consumer’s right to access their data through any service they choose and the banks are forced to comply. Which means, protection of your customers right to access their data is the reason you have access to it. But guess what happened yesterday? A bill was introduced by Ted Cruz to eliminate the Consumer Financial Protection Bureau. You want to know who else is about to get hit? Online lenders- the banks can now open up the floodgates and shower people with predatory loans. No regulations! Banks can start sending checks that are actually loans and trick people into depositing them again. Consumers are going to have a good time for awhile. People are going to party like it is 2005. And last but not least- wealth management and robo-advisors are going to suffer. Why? Because President Trump has already told the Labor Department to stop implementing the “fiduciary rule” which requires account advisors to work exclusively in their clients best interests.
E.U. Parliament Votes to Ratify Canada Trade Deal and Send Trump a Message
A landmark trade deal between the European Union and Canada cleared a crucial hurdle on Wednesday, a move that proponents said served as a counterweight to protectionist policies advocated by President Trump. Beyond the economics of the deal, the vote also carried, for its backers, an implicit message to the Trump administration. Trade policy has pitted mainstream politicians who say modern deals do much to bolster prosperity while checking unbridled globalization against those - many from parties on the extreme right and left - who warn that such deals relinquish national sovereignty and hand multinational companies too much power. The relative success in ratifying the deal, after some prominent delays - including one instance in which a Belgian regional parliament appeared to have torpedoed the entire agreement - nevertheless contrasts sharply with the failure to agree on a mooted trans-Atlantic trade deal between the European Union and the United States. Cecilia Malmstrom, the European trade commissioner, told the same news conference that Europe was preparing deals with more than a dozen other countries including Mexico, which is embroiled in battles over trade with the Trump administration.
EU Commission: We Plan to Boost Support for Blockchain Projects - CoinDesk
The executive arm of the European Union government is planning to expand its work on blockchain, an official said last week. According to newly published statements from 7th February by European Commission VP Andrus Ansip, the Commission is planning to grow its "Support" for blockchain projects - something that Ansip characterized as an expansion of existing efforts. At the time, MEP Jakob von Weizsäcker framed the measure as a way to monitor the nascent blockchain space while also avoiding new regulations for the time being. He highlighted potential technology pilots focused on "Decentralised innovation ecosystems", noting how the Commission has already become involved in several blockchain initiatives. "The Commission is already supporting -enabled projects. Support activities are going to increase in the coming months. A study will be launched to investigate how DLT can help in reshaping public services and preparing for EU specific DLT actions to address relevant EU challenges."