The FDIC and other regulators announced in a joint statement yesterday that banks should re-enter the business of making short...
While there are always interesting things happening around fintech there is not often news which moves the needle for the...
Back in early December the OCC announced their intention to create a national Fintech Charter. At the time they announced a...
Recent comment letters in response to the OCC's fintech charter show increased criticism for the agency's proposal; consumer protection groups, community banks and state regulators have all voiced opposition while supporters have been disappointed by the process for the charter; supporters are concerned that financial inclusion plans and other provisions for the charter might be overly burdensome; consumer protection provisions are also a point of emphasis with groups suggesting specific consumer protection measures such as interest rate caps, default rate limitations and underwriting standards; lack of details on a number of business factors including capital requirements and balance sheet versus off balance sheet funding have also reduced confidence in the charter. Source
In this week’s PeerIQ Industry Update they cover the leveling off of forbearances, the impact of stimulus funds on the...
While it’s no surprise that many fintech companies were exploring the OCC fintech charter it is interesting that both Google...
In this week’s PeerIQ Industry Update they cover the recent remarks by Fed Chairman Powell who says the recovery will...
Here are the most read news stories from our daily newsletter today: OCC chief expects SWIFT-like bank-to-blockchain connections in 3...
The comment period for the Office of the Comptroller of the Currency's fintech charter proposal closed on January 17 and the New York Department of Financial Services (NY DFS) was among the commenters; the NY DFS opposes the federal fintech charter; says state regulations have evolved to provide the necessary oversight; also notes that the regulations will create confusion, harm small business innovation, create monopolized institutions, increase competitive risks of non-bank entities and facilitate evasion of consumer protection. Source
The acting head of the OCC, Brian Brooks, has openly discussed his support for clarity on the ”true lender” rule;...