Quote To Start The Day: “I refuse to accept other people’s ideas of happiness for me. As if there’s a one size fits all standard for happiness.”

Source: Kanye West

One Big Thing In Fintech: Six fintechs — PayPal, Square, Varo, Affirm, LendingClub and Oportun — asked the [CFPB] in a letter Tuesday to give more guidance on how it will apply the theory of disparate impact when artificial intelligence (AI), machine learning (ML) and alternative credit data are used to make lending decisions.

Source: Banking Dive

Other Key Fintech Developments:

Watch Out For This: The basis trade, where crypto investors … profit from discrepancies between spot and future prices, had become a reliable double-digit annual return generator until it was upended in May. The dramatic sell-off saw a number of leveraged positions, mostly held by retail investors, flushed out.

Interesting Reads:

Market Moving Headline: “The delta variant should not have significant repercussions for the pandemic situation in developed markets (e.g. Europe and North America, which have [made] strong progress in vaccinations) due to the level of population immunity.”

Source: JPMorgan