One Big Thing In Fintech: The Consumer Financial Protection Bureau (CFPB) is enhancing its enforcement scrutiny of banks that are “heavily dependent” on overdraft and non-sufficient funds (NSF) fees after research by the government watchdog found banks pulled in an estimated $15.47 billion in 2019 via these penalties.

Source: FinLedger

Other Key Fintech Developments:

Watch Out For This: Gary Gensler, chair of the US Securities and Exchange Commission, said innovations around crypto and decentralized finance will not persist outside the public policy framework.

Source: Markets Media

Interesting Reads:

Market Moving Headline: Hedge funds, which use borrowed money to amplify returns, have gone risk-off in a major way just as the S&P 500 endured its biggest two-day rout since October 2020. Net leverage, a measure of industry risk appetite that takes into account long versus short positions, fell to a one-year low this week, according to data compiled by Goldman Sachs Group Inc.’s prime brokerage.

Source: Bloomberg