Fintech
Joel R. Levin, Director of Chicago Regional Office, to Leave SEC
Washington, D.C.–(Newsfile Corp. – April 16, 2021) – The Securities and Exchange Commission today announced that Joel R. Levin, the Director of its Chicago Regional Office, will leave the agency at the end of May.
Mr. Levin has served as Director of the Chicago office since May 2018, overseeing the agency’s second-largest regional office of more than 260 attorneys, accountants, investigators, securities compliance examiners and other personnel involved in the investigation and prosecution of enforcement actions and the performance of compliance examinations. The nine-state region overseen by the Chicago office is home to roughly 20 percent of the nation’s population, and exercises jurisdiction over more than 2,000 investment advisers and investment companies with over $10 trillion in assets under management, and over 500 broker-dealers with more than 35,000 branch offices.
“Throughout his tenure, Joel has demonstrated an abiding commitment to every aspect of the work of the Chicago Regional Office, including examining registrants, holding wrongdoers accountable, and educating the investing public. Joel can be very proud of all that our Chicago office staff has accomplished on behalf of investors under his strong leadership,” said SEC Acting Chair Allison Herren Lee.
“Joel was a tireless advocate for investor protection during his time as Director of the Chicago Regional Office,” said Peter B. Driscoll, Director of the SEC’s Division of Examinations. “Joel’s outreach efforts along with his experience and leadership resulted in a significant impact for the benefit of investors in the Chicago region. He will be missed.”
“For the last three years, Joel has worked day in and day out together with his colleagues in the Chicago Regional Office to protect investors and our markets. His dedication to our mission and public service, combined with his work ethic, allowed him to achieve tremendous results even in the face of significant challenges like the government shutdown and the pandemic,” said Melissa R. Hodgman, Acting Director of the SEC’s Division of Enforcement. “Joel’s thoughtful guidance and commitment to his colleagues in Chicago and across the Commission will be missed.”
Mr. Levin said, “It has been a tremendous honor to serve as the Director of the Chicago office. I have the highest admiration and respect for the incredibly talented and dedicated public servants in our office who have worked tirelessly, even in the face of countless challenges during the pandemic, to protect retail investors. I am very proud of what we have accomplished in the last three years.”
Under Mr. Levin’s leadership, the Chicago Regional Office has brought numerous groundbreaking enforcement actions that have protected Main Street investors and involved a variety of securities law violations, including:
- Charged Volkswagen AG, two subsidiaries, and VW’s former CEO with defrauding investors when VW raised billions of dollars through corporate bond and fixed income offerings while making a series of deceptive claims about the environmental impact of the company’s “clean diesel” fleet.
- Charged truckload freight company Celadon Group with accounting fraud for its scheme to avoid recognizing at least $20 million in impairment charges by selling and buying used trucks at artificially inflated prices.
- Brought the first-ever case against a broker-dealer and investment adviser for violations of the Commission’s Identity Theft Red Flag Rule.
- Brought actions against four Transamerica affiliates for using faulty investment models in mutual funds and managed portfolios, returning nearly $100 million to harmed investors.
- Jointly with the CFTC, held accountable the Options Clearing Corporation for failures relating to financial risk management, operational requirements, and information-systems security.
- Cases arising from the Commission’s Share Class Selection Disclosure Initiative involving investment advisers that failed to disclose conflicts of interest and/or selected higher-cost mutual fund share classes when other lower-cost share classes of the same mutual fund were available to clients.
During Mr. Levin’s tenure, the examinations staff in Chicago conducted hundreds of examinations of investment advisers, investment companies and broker-dealers in furtherance of the SEC’s mission to protect retail investors, and made numerous referrals that resulted in successful enforcement actions.
As Director, Mr. Levin reinvigorated the Chicago office’s outreach efforts to retail investors, including seniors, educators, military and immigrant communities to help promote financial literacy and protect against investment fraud schemes. Mr. Levin also actively promoted and enhanced the Chicago office’s efforts in furtherance of diversity and inclusion.
Before his appointment as Regional Director, Mr. Levin was a federal prosecutor for over 30 years. From 2014 to 2018, he served as the First Assistant U.S. Attorney in the U.S. Attorney’s Office for the Northern District of Illinois, and he also served as the Acting U.S. Attorney in that District from March to November 2017. Mr. Levin previously served as an Assistant U.S. Attorney in Milwaukee and San Francisco, where he served as Chief of the office’s Criminal Division. From 2008 to 2014, Mr. Levin was a member of the White Collar & Investigations practice at the law firm Perkins Coie LLP. Mr. Levin is a graduate of Yale College and Harvard Law School. He is a Fellow of the American College of Trial Lawyers, and since 2008 has served as an adjunct professor of law at Northwestern University Law School.
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
-
Fintech6 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech PR5 days agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
-
Fintech6 days agoSPAYZ.io prepares for iFX EXPO Dubai 2025
-
Fintech6 days agoAirtm Enhances Its Board of Directors with Two Strategic Appointments
-
Fintech PR5 days agoPresident Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
-
Fintech PR2 days agoGCL Energy Technology and Ant Digital Technologies Launch First Blockchain-Based RWA Project in Photovoltaic Industry
-
Fintech PR5 days agoStay Cyber Safe This Holiday Season: Heimdal’s Checklist for Business Security
-
Fintech PR5 days agoMedicilon Appoints Dr. Lilly Xu as Chief Technology Officer