Fintech and stuff. General Counsel at Hometap. No legal advice here, just idle chit chat based on lots of years in the biz.
Connecticut, USA
Joined February 2011
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When I worked at the CT DOB, one of the oddities of CT law is that the DOB also has jurisdiction over rental security deposits.
There weren’t many cases, but 100% of those cases that did exist involved small, not at all “corporate” landlords. Small owners were worse.
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Interesting article on the potential expansion of deposit insurance limits from two very … different … perspectives which, nevertheless, share the same concerns
Why do a progressive academic and conservative banker both think raising deposit insurance limits to $10M is a bad idea? Read what @JillCastilla and I wrote in @barronsonline
barrons.com/articles/higher-…
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Very interesting look at impact on banks of Stablecoins. Worth a read (or at least this summary)
Some of the best insight into public fintechs and more
I have removed the paywall from my newsletter: popularfintech.com/
All write-ups are now available for free.
This year, I have written about: Visa $V, PayPal $PYPL, Klarna $KLAR, Capital One $COF, American Express $AXP, Robinhood $HOOD, Coinbase $COIN, Block $XYZ, Affirm $AFRM, Wise $WISE.L, Adyen $ADYEN, Nubank $NU, Toast $TOST, Marqeta $MQ, Shift4 $FOUR, Fiserv $FI, Shopify $SHOP, Mercado Libre $MELI, Sea $SE, Coupang $CPNG, Circle $CRCL, and Chime $CHYM
p.s. Huge thank you to everyone who subscribed to the premium plan🙏🏻
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Happy Thanksgiving to all, especially these guys, flaunting their freedom on Thanksgiving morning
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Looks like the CFPB is back in the game …
🚨We are so back!🚨 "Here is something to be thankful for this Thanksgiving: The Federal Reserve System has 𝙧𝙚𝙩𝙪𝙧𝙣𝙚𝙙 𝙩𝙤 𝙥𝙧𝙤𝙛𝙞𝙩𝙖𝙗𝙞𝙡𝙞𝙩𝙮. It appears to be on track for the combined profits [of] over $2 billion in the current quarter." tinyurl.com/2h5em63u @billnelson2x2
Fresh off Fintech NerdCon, I’m struck by how many conversations I had about the Colorado DIDMCA decision and its impact on fintech and bank partnerships
The biggest takeaway is that we still don’t know the extent of the impact to those partnerships, but it’s not zero
Let’s go Sid!
Sid Silverman had that leaping TD catch for Glastonbury. He also had this 3rd-down conversion catch on the previous play #cthsfb
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1033 News
Judge lifted the stay on the BPI v CFPB 1033 litigation for the purpose of issuing a separate Order staying the compliance deadline and enjoining Enforcment of the rule until one year after end of litigation
Decision follows
Regulatory change, lobbying, everything is moving much, much faster
Bank Policy Institute came with their response to Coinbase’s “Yield” campaign, attached to the next tweet.
And one thing seems very clear; despite 200 years of lobbying experience and an awful lot of money, the banking industry is simply still not prepared to address the crypto industry.
BPI and the banks have been a day late and a dollar short every day since the Trump admin took over. They’re simply not used to the pace of change in DC that the crypto industry and demanding and receiving. Everything they’ve done has been reactive and just plain late. This is the latest example.
Not sure which industry wins this battle at the end of the day, but I do know banks need to fundamentally rethink their policy approach. The days of slowly grinding legislators and regulators down in bullshit have changed. They better change with it or America will see a lot fewer banks.
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Great thread on the 1033 rule and probably goes a long way to explaining why the Judge stayed the matter yesterday
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Do they get a micro-pension for their micro-retirement. Why can’t these Gen Z kids grind?
Kidding (of course). That’s so very grim
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Fantastic read on the policy behind financial institution supervision
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This is (potentially) good news for Synapse customers
Synapse bankruptcy shocker: CFPB files statement of interest lining up a potential fintech bailout.
Reaching a consent order with a Ch7 Trustee would enable the CFPB to tap its Civil Penalty Fund to, potentially, make out-of-pocket depositors whole.
More in today's FBW.
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