coachtrotz

Everything is insider trading.

Everything is Securities Fraud.

https://www.google.com/search?q=matt+levine+everything+is+in...

"Until 1995, US banks couldn't operate in more than one state"

Can you clarify what you mean? The National Bank Act was originally written in 1863.

Worth pointing out that Fiserv's Market Cap is $82 billion, not the $15 billion listed in the article.

https://www.nasdaq.com/market-activity/stocks/fisv

edit:

Update, 12:44 p.m. ET: The lead paragraph has been updated to reflect Fiserv’s 2020 revenues, which were nearly $15 billion.

Plaid can very well not use the data in this way, but any company using Plaid's APIs and gaining access to the end-user bank account can do whatever they want with the data. There are no restrictions on potential bad actors who will do this, and no consumer protections.

Return timeframe is 60 days for Unauthorized Debit.

Kraken does not support users in New York as well as some other states.

Paypal doesn't support crypto to crypto transfers so it wouldn't work for any crypto you currently own.

Second Market tried to make this possible years ago. Now you have options like Forge (formerly Equidate) and Carta recently announced a product called CartaX which will be a market for shares of non-IPO companies.

Pretty interesting that Stripe is partnering with Evolve, Citi, and GS and not SVB whom they use for Stripe Atlas.

The NACHA response is missing the forest for the trees. Securing the account data is great, but it's only a small piece of the puzzle.

It doesn't: a) penalize ACH Originators responsible for submitting the fraudulent entry (beyond the recently implemented $4.50 charge) b) do anything to promote alternative account numbers for EFTs, which in theory could be better protected as they won't be on paper checks c) promote better validation tools to prevent the likes of Plaid and entities using their APIs from harvesting broad amounts of private consumer financial data

The WWII in Color series on Netflix has a Midway episode in which they indicate a 90% failure rate of the torpedoes to explode. The article says 70 percent rate but either way its pretty unreliable.

For some of Plaid's partners it is the point. Others are only using Plaid for a simple bank account verification.

Here is the list Fintech companies which use Plaid as published in the Visa Acquisition presentation. Many of these (like non-lenders) have no legitimate use for all that info.

Stash Dave N26 Monzo Acorns Chime MoneyLion Rainist Transferwise Robinhood Circle SoFi Revolut Etoro Clearscore Toss NuBank Square Cash Mint Coinbase Venmo Credit Karma

Here is pertinent verbiage from the Plaid Privacy Statement.

Information we collect from your financial accounts. The information we receive from the financial product and service providers that maintain your financial accounts varies depending on the specific Plaid services developers use to power their applications, as well as the information made available by those providers. But, in general, we collect the following types of identifiers, commercial information, and other personal information from your financial product and service providers:

Account information, including financial institution name, account name, account type, account ownership, branch number, IBAN, BIC, and account and routing number;

Information about an account balance, including current and available balance;

Information about credit accounts, including due dates, balances owed, payment amounts and dates, transaction history, credit limit, repayment status, and interest rate;

Information about loan accounts, including due dates, repayment status, balances, payment amounts and dates, interest rate, guarantor, loan type, payment plan, and terms;

Information about investment accounts, including transaction information, type of asset, identifying details about the asset, quantity, price, fees, and cost basis;

Identifiers and information about the account owner(s), including name, email address, phone number, date of birth, and address information;

Information about account transactions, including amount, date, payee, type, quantity, price, location, involved securities, and a description of the transaction; and

Professional information, including information about your employer, in limited cases where you’ve connected your payroll accounts.

The data collected from your financial accounts includes information from all your accounts (e.g., checking, savings, and credit card) accessible through a single set of account credentials.

Plaid is an incredible company and provides a valuable service to their tech partners. That said, their data collection practices are scary. They allow any developer using their software to swallow all of a users banking data - I would love to know how they police bad actors.

(Source: https://plaid.com/legal/#privacy-statement)

PNC Bank says that this is the cause of new security procedures which have the effect of limiting Plaid's ability to verify customer Routing and Account numbers.

While I'm not a customer of PNC I think this is actually a good position for PNC to take - there is a ton of ambiguity in the data that Plaid collects on customers who may only think they're verifying their account for an ACH transaction.

Plaid's business in not necessarily deceptive but it is far from clear to the end user about the extent of their data collection.

This is a big deal, not only for the farmers using machinery from manufacturers like Deere, but for the rest of society who may now have some precedent for right to repair.

Believe it was the first - title: The Path to Power.

The second suggestion (requiring virtual reality in the class) will expose all drivers to the experience.

The investigation is supposed to wrap up early this month.

There's a company called Mezu which does this - you'll never reveal your identity or personal info the people you tip and vice versa. https://www.mezu.com/

The arrest warrant linked in the tweet indicates that the individuals in question were linked to foreign agents. This wouldn't be an ordinary mortgage fraud case. link: https://www.courtlistener.com/docket/16057656/1/2/united-sta...

Can the title be updated to include the date on the Article as 2018? This particular piece is nearly 2 years old.

Facebook is licensed as a Money Transmitter under their Facebook Payments entity. Source: https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPAN...

That is a crucial distinction.

Matt Levine wrote about this yesterday - https://www.bloomberg.com/opinion/articles/2019-07-10/jpmorg...

U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S. incorporated entities and their foreign branches.

Source: https://www.treasury.gov/resource-center/faqs/Sanctions/Page...

Facebook Payments Inc is a state licensed Money Transmitter in all states, and is registered with FinCEN as a Money Services Business so they would certainly understand the requirements as they're subject to audits by State regulators.

Source: https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPAN...; https://www.fincen.gov/msb-registrant-search