Fintech charters, CRA and data sharing: McWilliams, Otting weigh in
WASHINGTON — Federal regulators gathered Wednesday to discuss the fintech chartering process and some of the biggest challenges deterring the emerging industry from entering the banking space.
Federal Deposit Insurance Corp. Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting agreed, separately, at a fintech event hosted by the FDIC, that fintechs are having a harder time than expected proving capital and profitability in their business plans when seeking a charter.
They also agreed that the agencies are moving forward jointly on reforming the Community Reinvestment Act, but hedged on when a proposal could be released.
During the event, which covered a lot of ground beyond fintech, Treasury Secretary Steven Mnuchin and McWilliams agreed that they need to address data aggregation at banks and how consumers control their own data, as the FDIC is beginning to study the issue.
Following are highlights from the event.