Blockchain
Statement from Online Lenders Alliance Following House Committee on Financial Services Hearing
Following today’s House Financial Services Committee (HFSC) hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps,” OLA CEO Mary Jackson issued the following statement:
“Today’s hearing clearly demonstrates that many members of the House Financial Services Committee have more work to do when it comes to understanding the borrowers of these types of financial products, why consumers rely on them, and their overall satisfaction with them.
Bank-fintech partnerships lead to increased innovation and more competition in the marketplace, providing consumers with loans that satisfy their unique requirements. This competition has led to better financial products at lower costs, and these partnerships benefit both small banks and consumers. These partnerships are operating within the bounds of federal law. What is baffling is that the proposal of a national rate cap preempts 43 state consumer finance laws and that some witnesses complained that bank products can’t preempt the state law, but they are okay with a national preemption.
Consumers are satisfied with small dollar lending products, as evidenced by the fact that only one percent of all consumer complaints in the CFPB’s consumer complaint database are related to these loans.
We encourage the Committee to rethink this dangerous, restrictive policy proposal and focus on promoting policies that help consumers access the financial products they continue to demand.”
SOURCE Online Lenders Alliance
Blockchain
WhiteBIT Exchange Celebrates 6 Years of Innovation and Partnerships in the Crypto Industry
The European Union’s landmark MiCA regulation is set to transform the crypto industry, establishing stringent standards that many current Virtual Asset Service Providers may find challenging to meet. As MiCA compliance becomes the standard for operating within the European Economic Area, crypto exchanges and asset companies must take prompt action to align their operations with these comprehensive regulations.
To support businesses in navigating this significant transition, an exclusive webinar “Adapt or Die: The Urgent Shift from VASP to MiCA” will be held on Tuesday, November 19th, 2024, at 5:00 PM (CET) time.
This session is designed to provide industry professionals with practical insights and strategies to ensure their software and operations comply with MiCA standards.
Key highlights of the webinar include:
● Detailed analysis of MiCA regulations and their implications for the crypto sector.
● Actionable steps for software adaptation to achieve MiCA compliance.
● Case study feature: How Kyrrex achieved MiCA readiness using solutions from Simplify Labs.
● Practical tools for Anti-Money Laundering, Know Your Customer processes, cybersecurity, and transaction monitoring.
The webinar will be useful for CEOs, COOs, Compliance Officers, Regulatory and Legal Professionals, Tech Managers, and Investors looking to enter or expand within the EEA market. Attendees will gain the knowledge and tools necessary to adapt and thrive under the new MiCA regulatory framework.
Featured speakers:
Vadim Rozov, CEO at Simplify Labs, brings over 20 years of management and software development experience. Under his leadership, the company is dedicated to simplifying crypto and blockchain technology, making it accessible for non-technical founders and management teams.
Kevin Plumpton, CEO at Kyrrex, is a warranted advocate with extensive expertise in finance, business, property, and international law. He specializes in corporate governance, risk, and compliance legislation, and is a prominent figure in the Anti-Money Laundering and Counter Financing of Terrorism fields. He is recognized for developing innovative KYC and due diligence platforms utilized by leading organizations.
“The crypto industry is at a critical juncture where understanding and adhering to MiCA regulations is essential for continued growth and market access,” said Kevin Plumpton, CEO at Kyrrex. “Events like these are vital for bringing together industry leaders to share knowledge and best practices, ensuring businesses can adapt effectively and sustain their operations.”
Franklin Cachia, Executive Director at CSB Group, is an accomplished professional who advises clients on taxation, financial services, AML compliance, and corporate law, among other areas. His broad expertise also encompasses gaming, GDPR, and property law.
The post Adapt or Die: The Urgent Shift from VASP to MiCA appeared first on .
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