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<\/p>\nFinancial Technology (FinTech) institutions are required to comply with special regulatory laws regarding data privacy, consumer safety, money laundering prevention, and cyberattacks.<\/p>\n
<\/p>\n
These laws are designed to protect everyone involved: the consumer, the investor, and the institution itself. Numerous regulatory bodies develop these rules and practices to keep up with the expanding industry, evolving technology, and rate of fraud.<\/p>\n
Regulations are regional. The United States has the largest FinTech ecosystem<\/a> in the world, and as a result, has the more regulations than other regions, like Australia, the United Kingdom, and Western Europe.<\/p>\n FinTech companies have an obligation to understand the rules and regulations for the countries and regions they operate in.<\/p>\n Here is a breakdown of some US regulations:<\/p>\n Name: Securities Act of 1933 <\/a><\/strong> Name: Truth in Lending Act (TILA) <\/a><\/strong> Name: Bank Secrecy Act (BSA) <\/a><\/strong> Name: Fair Credit Reporting Act (FCRA) <\/a><\/strong> Name: Equal Credit Opportunity Act (ECOA) <\/a><\/strong> Name: Electronic Fund Transfer Act (EFTA) <\/a><\/strong> Name: Truth in Saving Act (TISA)<\/strong><\/a> Name: Gramm-Leach-Bliley Act (GLBA) <\/a><\/strong> Name: Electronic Signatures in Global and National Commerce Act (ESIGN) <\/a><\/strong> Name: USA PATRIOT Act <\/a><\/strong> Name: Red Flag Rule <\/strong><\/a> Name: Jumpstart Our Business Startups Act (JOBS) <\/strong><\/a> Name: Anti Money Laundering Act (AMLA) <\/a><\/strong> Be proactive.<\/em><\/p>\n Partner with compliance and security <\/em>experts.<\/em><\/p>\n<\/div>\n EVS has fifteen plus years of security and compliance experience. To learn more about what we can do for you, visit our website<\/a>, or contact us<\/a> for a consultation.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Financial Technology (FinTech) institutions are required to comply with special regulatory laws regarding data privacy, consumer safety, money laundering prevention, and cyberattacks.\u00a0\u00a0<\/p>\n","protected":false},"author":40,"featured_media":6161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[40,41],"tags":[95],"class_list":["post-4949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance","category-legislation","tag-featured-post"],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/comments?post=4949"}],"version-history":[{"count":1,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4949\/revisions"}],"predecessor-version":[{"id":8051,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4949\/revisions\/8051"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media\/6161"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}United States FinTech Regulations<\/h2>\n
\nAlso Known As: The Truth in Securities Act, The Federal Securities Act
\nYear Enacted: 1933
\nIssue: Fraud Prevention, Consumer Protection
\nDescription: Financial institutions must provide investors with information about securities being offered for public sale.<\/p>\n
\nYear Enacted: 1968
\nAssociated Regulatory Bodies: Federal Trade Commission (FTC), Office of the Comptroller of Currency<\/a> (OCC)
\nIssue: Consumer Protection
\nDescription: Lenders and creditors must provide consumers with certain written disclosures on loan cost, finance charges, and related aspects of credit transactions, such as annual percentage rates.<\/p>\n
\nAlso Known As: The Currency and Foreign Transactions Reporting Act
\nYear Enacted: 1970
\nAssociated Regulatory Body: The Office of the Comptroller of Currency (OCC)
\nIssue: Anti-Money Laundering
\nDescription: Financial institutions must assist the United States government in detecting and preventing money laundering. This regulation establishes program, recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies or foreign banks.<\/p>\n
\nYear Enacted: 1970
\nAssociated Regulatory Body: Federal Trade Commission (FTC)
\nIssue: Consumer Protection
\nDescription: Regulatory bodies protect the information collected by consumers reporting agencies such as credit bureaus, medical information companies, and tenant screening services. Only those with a purpose specified by the FCRA can access these consumer reports. Companies that provide information to consumer reporting agencies must comply with legal obligations, including the duty to investigate disputed information, and notify consumers when an adverse action is taken based on consumer reports.<\/p>\n
\nYear Enacted: 1974
\nAssociated Regulatory Body: Federal Trade Commission (FTC)
\nIssue: Consumer Protection
\nDescription: Financial institutions are prohibited to discriminate on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act. Creditors must provide applicants, upon request, with the reasons underlying decisions to deny credit.<\/p>\n
\nYear Enacted: 1978
\nAssociated Regulatory Body: Federal Trade Commission (FTC)
\nIssue: Consumer Protection
\nDescription: Financial institutions must adopt certain practices regarding transaction accounting and error resolution. They must also have procedures for preauthorized transfers and set liability limits for losses caused by unauthorized transfers.<\/p>\n
\nAlso Known As: Federal Deposit Insurance Corporation Improvement Act of 1991, Foreign Bank Supervision Enhancement Act of 1991
\nYear Enacted: 1991
\nIssue: Consumer Protection
\nDescription: Financial institutions must provide consumers with disclosures about the terms and costs of deposit accounts, such as saving accounts, checking accounts, money market accounts and more.<\/p>\n
\nAlso Known As: Financial Services Modernization Act of 1999
\nYear Enacted: 1999
\nAssociated Regulatory Body: Federal Trade Commission (FTC)
\nIssue: Consumer Protection
\nDescription: Financial institutions must explain their information-sharing practices to their customers and safeguard sensitive data.<\/p>\n
\nAlso Known As: E-Sign Act
\nYear Enacted: 2000
\nAssociated Regulatory Body: National Credit Union Administration (NCUA) <\/a>
\nIssue: Consumer Safety, Fraud Prevention
\nDescription: Financial institutions may use electronic records to satisfy any statue, regulation, or rule of law requiring that the information be provided in writing, if the consumer has consented to such use and has not withdrawn consent.<\/p>\n
\nAlso Known As: Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001.
\nYear Enacted: 2001
\nAssociated Regulatory Body: Financial Crime Enforcement Network (FinCen)
\nIssue: Anti Money Laundering, Financial Terrorism
\nDescription: US banking institutions must perform enhanced customer due diligence to prevent the fraudulent creation of bank accounts with fabricated identification numbers, and report suspected money laundering to the US government to prevent acts of terror. The regulation was enacted in response to the terrorist attacks of September 11, 2001.<\/p>\n
\nAlso Known As: Sometimes referred to as one of the Fair Credit Reporting Act\u2019s Identity theft Rules.
\nYear Enacted: 2008
\nAssociated Regulatory Body: Federal Trade Commission (FTC)
\nIssue(s): Identity Theft, Consumer Protection
\nDescription: Businesses and organizations must implement a written Identity Theft Prevention Program designed to detect the warning signs \u2014 or red flags \u2014 of identity theft in their day-to-day operations.<\/p>\n
\nAlso Known As: JOBS Act, CROWDFUND Act
\nYear Enacted: 2012
\nAssociated Regulatory Body: US Securities and Exchange Commission (SEC)
\nDescription: This law eased security regulations to allow companies to use crowdfunding to issue securities.<\/p>\n
\nYear Enacted: 2020
\nAssociated Regulatory Body: Financial Crimes Enforcement Network (FinCen)
\nIssue: Anti Money Laundering
\nDescription: The Treasury Department must set forth policies and regulations to protect against money laundering and terrorist financing compelling organizations to develop and adhere to risk-based anti-money laundering (AML) compliance programs.<\/p>\nStaying Safe Beyond Compliance<\/h3>\n
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There is no need to stop your work at mere compliance. The best FinTech brands go beyond regulations to ensure safety and peace of mind.<\/p>\n
\n<\/em>Invest in a system that eliminates fraud at the source, before it bites your business, customers, or investors.<\/p>\nUpdate technology regularly.<\/em><\/em><\/p>\n<\/div>\n\nFinTech companies must work quicker to stay ahead. One of the best ways to accomplish that is to invest in innovative technology and security.<\/div>\n\nTake out the nerves and guesswork by bringing in a professional.<\/p>\n<\/div>\n