While speaking on a panel at Money 20/20 former and current regulators talked about the different approaches to fintech regulations; the Financial Conduct Authority recently released a report showing the UK approach has helped get new ideas into the market and seen companies get access to much needed capital; the US on the other had has seen federal and state regulators argue over proposed charters; there could be a lot the US can learn from the current UK program. Source.
According to Stephen Lybarger, deputy comptroller of licensing at the OCC, the new OCC fintech charter might be better suited for...
Thomas Curry spent most of his speech at LendIt USA refuting arguments against the Office of the Comptroller of the Currency's (OCC) fintech charter and the agency's authority for establishing the charter however controversial factors affecting the charter's implementation were the primary topic for discussion on a LendIt USA panel; while panelists generally agreed that more regulatory clarity is needed for financial innovation overall, panelists were divided on the need for a fintech charter to regulate fintech firms; panelists reported that fintech chartering could potentially promote partnerships with banks through more standardized regulation however it seems the fintech charter is far from ready to match the broad ranging fintech variants for which it's trying to target. Source
In this week’s PeerIQ Industry Update they cover the increasing likelihood of a recession as forecasts show a 33 percent...
A group of House Republicans has sent a letter to Comptroller Thomas Curry requesting his agency slowdown its plans for a fintech charter; the letter was signed by House Financial Services Committee Chairman Jeb Hensarling and 33 other House Republicans; it primarily suggests that stakeholders are not receiving an appropriate amount of time to comment on the full details of the fintech charter and that there is potential for the fintech charter to be overturned by Congress. Source
Pepper Hamilton provides details on their recent podcast and webinar in their featured blog post; the firm's January 5 podcast provided insight on what the Donald Trump presidency means for the financial services industry; on January 24 the firm provided a webinar on factors for considering the Office of the Comptroller of the Currency's new fintech charter. Sponsored Blog Post
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
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