News & Analysis as of

Fintech Charter Regulatory Oversight

Troutman Pepper

Call to Innovate: Is Your Bank Ready?

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In October 2018 the FDIC became the latest federal financial regulator to announce plans to create an Office of Innovation, following on the heels of the OCC and the CFPB. Originally published in Delaware Banker - Winter...more

Robinson+Cole Data Privacy + Security Insider

ILCs, the OCC, and the Future of Fintech Banking

Industrial Loan Companies (ILCs) are a different kind of financial institution. The ILC is a state-chartered FDIC-insured depository financial institution with certain advantages common to banks but without all of the...more

Ballard Spahr LLP

Fed reported to have reservations about fintech charter

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Last July, the OCC announced its decision to accept applications for special purpose national bank (SPNB) charters from fintech companies. ...more

Ballard Spahr LLP

Fintech bank announces preliminary OCC approval of national bank charter

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In a press release, the organizers of Varo Bank, N.A. announced they have been granted preliminary approval by the OCC of their application to form a de novo national bank, which they claim “put[s] Varo on track to become the...more

Stinson LLP

OCC Now Accepting Charter Applications for Fintech Companies

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On July 31, 2018 the Office of the Comptroller of the Currency (OCC) announced that, effective immediately, it is now accepting national bank charter applications from nondepository financial technology (fintech) companies...more

Orrick, Herrington & Sutcliffe LLP

Federal Regulators Issue Key Guidance on Fintech Issues

On July 30, the U.S. Department of the Treasury ("Treasury") and the Office of the Comptroller of the Currency ("OCC") provided important guidance on a broad range of issues confronting the fintech industry. Treasury released...more

Bradley Arant Boult Cummings LLP

OCC: Fintechs May Now Apply for Bank Charters

The Office of the Comptroller of the Currency announced, in a highly anticipated decision, that it would begin to consider special-purpose charter applications from fintech entities. This move, which has been the subject of...more

Kramer Levin Naftalis & Frankel LLP

Financial Industry Awaits OCC Fintech Charter Decision

The regulatory landscape of the U.S. fintech industry could soon see a milestone development, as the Office of the Comptroller of the Currency (OCC) is expected to release its long-awaited position on a proposed charter for...more

Ballard Spahr LLP

House Financial Services Committee to hold Jan. 30 hearing on fintech marketplace

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On January 30, 2018 at 10 a.m., the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee will hold a hearing, “Examining Opportunities and Challenges in the Financial Technology...more

Stinson LLP

Critical Question: Inquiry and Analysis on Whether an Uninsured Nationally Chartered Fintech Bank Charter Can Export Interest...

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The Comptroller of the Currency (“OCC”) presented a White Paper in December 2016 on Exploring Special Purpose National Bank Charters for Fintech Companies (“White Paper”). Comptroller Tom Curry noted that he had asked the OCC...more

Ballard Spahr LLP

Acting OCC Comptroller Noreika provides further thoughts on SPNB charter proposal

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In remarks last week at Georgetown University’s Institute of International Economic Law’s Fintech Week event, Acting OCC Comptroller Keith Noreika provided the “latest on our thinking regarding a charter for fintech companies...more

Ballard Spahr LLP

OCC moves to dismiss NYDFS lawsuit challenging special purpose national bank charter for fintech companies

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The Office of the Comptroller of the Currency (OCC) has filed a motion to dismiss the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank...more

Ballard Spahr LLP

OCC files renewed motion to dismiss state regulators’ challenge to fintech company special purpose national bank charter proposal

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The Office of the Comptroller of the Currency (OCC) has filed a renewed motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in D.C. federal district court challenging the OCC’s authority to...more

Kilpatrick

[Webinar] Exploring Special Purpose National Bank Charters for Fintech Companies - May 24th, 1:00pm ET

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Kilpatrick Townsend is pleased to present our inaugural Fintech Webinar Series designed to discuss timely topics involving the fintech industry. Please invite others from your organization and stay tuned for future fintech...more

Ballard Spahr LLP

Vision 2020: an alternative to an OCC fintech charter?

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On May 10, the Conference of State Bank Supervisors (CSBS) announced a series of initiatives (branded as Vision 2020) designed to modernize state regulation of non-banks. The announcement specifically calls out financial...more

Orrick, Herrington & Sutcliffe LLP

OCC to Move Forward with Considering Fintech Charter Applications

The OCC’s announcement to move forward considering fintech charter applications has potentially significant industry, policy and practical implications. This presentation explores industry reaction to the OCC’s decision,...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Wells Fargo’s Board Chair, Stephen Sanger, did survive his reelection vote the other day. Barely. But Breakingviews thinks he should think awfully hard about his future as a Director at the bank....more

Ballard Spahr LLP

Controversial NY lender and student loan servicer licensing proposals removed from budget bill

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A New York lender licensing proposal that threatened to create new regulatory burdens for financial service providers and to potentially adversely affect credit availability to New York residents and businesses, has been...more

Cadwalader, Wickersham & Taft LLP

New York Seeks to Regulate Fintech Lending Market

New York is joining a small but growing list of states seeking to regulate the “bank-origination” method of online lending. The recently introduced New York Budget legislation would amend Section 340 of the New York...more

Ballard Spahr LLP

NYDFS, American Bankers Association Weigh In On OCC Fintech Charter Proposal

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The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more

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