The lawsuit by the New York Department of Financial Services aimed at blocking the OCC Fintech Charter has been thrown out; Judge Naomi Reice Buchwald stated, "Since the OCC has not reached a final ‘fintech charter decision,’ defendants’ … motion is granted as plaintiff has suffered no injury in fact … and because plaintiff’s claims are not ripe."; it is possible that they could attempt to re-sue once the fintech charter is created. Source
There is uncertainty surrounding the OCC fintech charter because the Fed is rumored to not fully support the idea; that...
In this week’s PeerIQ Industry Update they cover the increasing likelihood of a recession as forecasts show a 33 percent...
I started writing about marketplace lending back in 2010, so I have spent almost the entire decade immersed in this...
President Trump’s pick to head the FDIC, Jelena McWilliams, has spoken favorably about ILC charters in the past; ILC charters exist in a handful of states, most notably Utah who has seen a spike in inquires about applications; charters can allow fintech companies to bypass state by state licensing; ILC charters are an controversial way for fintech companies to act like banks and with the national charter proposed by the OCC in limbo more companies might look to take this route. Source.
According to Stephen Lybarger, deputy comptroller of licensing at the OCC, the new OCC fintech charter might be better suited for...
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We’ve been following the OCC Fintech Charter since it was first formally proposed in December 2016. Since then it has...
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