Highlights from the FDIC Fintech Event

Regulators and fintech leaders gathered in Washington DC yesterday to discuss the fintech chartering process and some of the biggest challenges deterring the emerging industry from entering the banking space; FDIC Chairman, Jelena McWilliams and Comptroller of the Currency, Joseph Otting, both spoke at the event and agreed that fintechs are having a harder time than expected proving capital and profitability in their business plans when seeking a charter; they also said that the agencies are moving forward on CRA reform but declined to offer any time line here. Source.