[Editor’s note: This is a guest post from Alex Cooper, Founder and CEO of Rezzcard. Alex is a fintech innovator and social impact...
Thomas Curry, Comptroller of the Currency, gave more insight on the Office of the Comptroller of the Currency's (OCC) plans for fintech regulation at a banking and innovation conference in London; Curry reported that regulation would be consistent with current banking standards, noting in his comments that, "if the OCC decides to grant a national charter in this area, the institution will be held to the same high standards of safety, soundness and fairness that other federally chartered institutions must meet"; the OCC is continuing with its plans for an Innovation Office and Curry said he would be releasing a white paper on fintech innovation. Source
In September, Comptroller of the Currency Thomas Curry discussed his proposal for fintech regulation which he said would likely include a fintech charter; on Friday, Thomas Curry is expected to announce his plans for the fintech charter; potential provisions to be included with the fintech charter announcement include receivership powers which would provide support from the government if capital funding fails. Source
Moody's has issued comments on the OCC's announcement to offer a fintech charter; says the fintech charter would help reduce legal risks from partner bank funding; focuses on the effects from the charter on partner bank funding relationships; says banks could stop relying on partner banks to fund loan originations. Source
Many of us in this industry will be glad to see the last of 2016. It has been a difficult...
The Office of the Comptroller of the Currency (OCC) has announced it will create an Innovation Office with staff in Washington, New York and San Francisco; the new Innovation Office is part of a broader framework for responsible innovation also released this week; the Innovation Office will provide a dedicated staff of government officials focused on innovation affecting federally chartered banks and the banking system; it will also seek to manage the OCC's framework for responsible innovation for banks and nonbanks. Source
PeerIQ's weekly newsletter provides insight from a week in Washington, D.C. beginning with the SEC's Fintech Forum on Monday, November 14; Ram Ahluwalia participated as a panelist providing an industry perspective on the "Capital Formation" panel; newsletter also provides details on potential terms from the OCC in their fintech charter and highlights three bills affecting fintech; PeerIQ also discusses the effect of capital and liquidity rules on asset-backed securities from banks. Source
The Office of the Comptroller of the Currency (OCC) has been regulating national banks since the time of Abraham Lincoln....
Since Lending Club announced the first bank partnership in 2013 banks have been increasing their involvement in the marketplace lending...
Lend Academy takes a retrospective look at the most important stories for the industry in 2016; regulation was a factor for the industry and 2016 included a white paper from the Treasury with consultation from seven federal agencies governing the financial services industry including the Securities and Exchange Commission, Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau; the Office of the Comptroller of the Currency proposed its new fintech charter and the Marketplace Lending Association was formed as an advocate for the industry; other highlights included a $50 million investment in US P2P loans from Chinese marketplace lender CreditEase and a leading market position from SoFi. Source