I started writing about marketplace lending back in 2010, so I have spent almost the entire decade immersed in this...
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
There is uncertainty surrounding the OCC fintech charter because the Fed is rumored to not fully support the idea; that...
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
As we continue to hear more from the Office of the Comptroller of the Currency (OCC) about their new fintech charter, the question comes to mind: is the regulator taking the right approach?; fintech companies are beginning to disrupt many different facets of the financial system, coming up with a singular charter could be limiting and hurt innovation; the OCC has stated that this new charter from their point of view is just one of many options a firm can choose when looking at regulation; having regulators at every level think outside the box will help innovation overall and this also can help to discover an approach not yet seen. Source
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.
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We’ve been following the OCC Fintech Charter since it was first formally proposed in December 2016. Since then it has...
Acting Comptroller of the Currency Keith Noreika confirmed that the fintech charter was open to commercial firms like Walmart & Google; this is a departure from former OCC head Thomas Curry who said the charter was designed for companies primarily involved in financial services; Mr. Noreika talked through this issue and others wile speaking at a fintech conference organized by the Federal Reserve Bank of Philadelphia. Source.
According to Stephen Lybarger, deputy comptroller of licensing at the OCC, the new OCC fintech charter might be better suited for...
Manatt provides an overview of some of the comments received by the OCC on the proposed fintech charter; the New York Department of Financial Services was critical of the charter; the American Bankers Association is supportive of the charter "...as long as existing rules and oversight are applied consistent with those for any national bank"; the Financial Services Roundtable also spoke in favor of the charter, commending the OCC for its development of the proposal; also highlighted are responses from the Consumer Bankers Association and the Independent Community Bankers of America. Source