According to Stephen Lybarger, deputy comptroller of licensing at the OCC, the new OCC fintech charter might be better suited for...
In this week’s PeerIQ Industry Update they cover the increasing likelihood of a recession as forecasts show a 33 percent...
The Office of the Comptroller of the Currency (OCC) released its fintech charter in March; many state regulators oppose the charter saying the OCC doesn't have the authority to offer the charter and that the charter is dangerous, unnecessary and violates state sovereignty; Brian Knight from the Mercatus Center at George Mason University discusses these arguments and how state legislation may evolve with the introduction and debate of the fintech charter. 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.
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.
The lawsuit by the New York Department of Financial Services aimed at blocking the OCC Fintech Charter has been thrown out; Judge Naomi Reice Buchwald stated, "Since the OCC has not reached a final ‘fintech charter decision,’ defendants’ … motion is granted as plaintiff has suffered no injury in fact … and because plaintiff’s claims are not ripe."; it is possible that they could attempt to re-sue once the fintech charter is created. Source
I started writing about marketplace lending back in 2010, so I have spent almost the entire decade immersed in this...
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