The trend of fintech companies seeking or acquiring U.S. banking licenses continues to build momentum, furthering the convergence of fintech and banking. More fintech companies are applying and being approved for banking...more
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more
In two recent joint statements, the federal banking agencies have encouraged banks to make short-term loans to consumers and small businesses impacted by the COVID-19 crisis....more
The Office of the Comptroller of the Currency announced on July 31 that it will begin accepting applications for special purpose national bank charters from nondepository financial technology companies (fintechs) that are...more
On June 7, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2017-21 (Frequently Asked Questions to Supplement Bulletin 2013-29; Third-Party Relationships: Risk Management Guidance). This is the OCC’s...more
6/29/2017
/ Consumer Financial Products ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Innovation ,
OCC ,
Online Marketplace Lending ,
Regulatory Oversight ,
Risk Management ,
Third-Party Relationships ,
Third-Party Risk
The CSBS’ request for an injunction may prompt the OCC to slow down or abandon its willingness to consider issuing national bank charters to fintech companies....more
A fintech company considering a national bank charter will need to consider whether committing to a multi-year business plan is feasible in an industry that is constantly evolving, and in which the ability to respond quickly...more
The bulletin requires relationships between banks and marketplace lenders to be treated with the same rigor of due diligence and ongoing oversight as other relationships with third parties.
On January 24, the Office of...more
2/22/2017
/ Banking Sector ,
Banks ,
Consumer Lenders ,
Due Diligence ,
FDIC ,
Financial Institutions ,
FinTech ,
Innovation ,
Innovative Technology ,
Loans ,
Mortgages ,
OCC ,
Online Marketplace Lending ,
Risk Assessment ,
Risk Management ,
Small Business ,
Student Loans ,
Technology ,
Third-Party Relationships
During this webinar, panelists will address whether a fintech company should apply, and what is involved in obtaining the proposed fintech OCC charter....more
1/9/2017
/ Banking Sector ,
Capital Requirements ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
FinTech ,
Fintech Charter ,
Government Investigations ,
Liquidity ,
OCC ,
Popular ,
Webinars
Whether the long and arduous chartering process, ongoing examination and supervision requirements, substantial capital requirements and limitations on initial rapid growth will outweigh the benefits of the bank partnership...more