[Editor’s note: This is a guest post from Alex Cooper, Founder and CEO of Rezzcard. Alex is a fintech innovator and social impact...
In their semi annual report published this week, the OCC singled out financial innovation and rapid developments in fintech as...
The FDIC and other regulators announced in a joint statement yesterday that banks should re-enter the business of making short...
The last day of the year is normally pretty quiet as far as news goes but LendingClub had two major...
With the announcement of the pending resignation of Comptroller of the Currency, Joseph Otting, it didn’t take long for a...
The Madden saga has been plaguing the marketplace lending industry for years now. We have covered this issue on Lend...
Any form of modernization of the Community Reinvestment Act must have measurable analysis of community value at the foundation, according...
The Office of the Comptroller of the Currency (OCC) has cited fintech as a risk for traditional banks in its "Semiannual Risk Perspective for Fall 2016"; the semiannual OCC report discusses risks for national banks and federal savings associations with data through June 30, 2016; says strategic planning is important for banking innovation and that banks who do not innovate to meet evolving needs may be at a competitive disadvantage. Source
Thomas Curry spoke on the Office of the Comptroller of the Currency's fintech charter at LendIt USA; Curry primarily refuted arguments against the OCC's authority for establishing a fintech charter; Curry sited the National Bank Act stating, "To be clear, the National Bank Act does give the OCC the legal authority to grant national bank charters to companies engaged in the business of banking."; the banking charter would encompass all fintech companies engaging in banking activities regardless of whether or not they take banking deposits; the OCC is still evaluating the provisions of the fintech charter following its December 2016 white paper and comment period which ended in January 2017. Source
The case put forward by the Conference of State Bank Supervisors which challenged the OCC’s fintech charter has been dismissed...