CSBS

The Office of the Comptroller of the Currency is overstepping its authority in granting charters to fintechs and other companies that don’t take deposits.

The Conference of State Bank Supervisors says parts of the plan are an overreach, while the agency should think twice about developing the proposal during the coronavirus pandemic.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," several banking agencies said.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

State and federal officials committed to providing “appropriate regulatory assistance” to banks whose customers may be hurt by the coronavirus outbreak and said prudent measures would not be subject to criticism by examiners.

With fintech firms seemingly stuck in neutral in their efforts to gain banking charters, alternative state licensing options could get another look in 2020.

With fintech firms appearing stuck in neutral in their efforts to seek bank charters from federal regulatory agencies, observers say state licensing options could be in vogue again in 2020.

Former Comptroller Thomas Curry, who initially proposed the special charter now blocked by a judge, calls on policymakers to find another way to regulate financial tech startups.

Former Comptroller Thomas Curry, who initially proposed the special charter now blocked by a judge, calls on policymakers to find another way to regulate financial tech startups.

A proposal to revise how the agency calculates the restrictions for less than well-capitalized banks relies on faulty methodology and ignores competition from fintechs and credit unions, according to the industry.

Many in the space are seeking the creation of a "flexible" supervisory regime that relies on existing authorities and a hands-off approach from state agencies, but such a plan faces an uphill battle.

The Conference of State Bank Supervisors has proposed creating model payments legislation that states could adopt to improve the state-by-state licensing process.

Julieann Thurlow says Reading Cooperative Bank in Massachusetts is well positioned to help immigrants and millennials. Technology is crucial to serving both groups, she says.

More community bankers now say that cost of funds, not regulatory expense, poses the biggest threat to profits, according to a new survey.

With no fintech applicant officially seeking the agency’s specialized charter, Judge Dabney Friedrich said claims by the Conference of State Bank Supervisors still were not ripe.

The argument that only the federal government is up to the task is misguided.

The argument that only the federal government is up to the task is misguided.

Facebook’s plan to launch a cryptocurrency has raised concerns that state banking regulators may not be equipped to oversee large, international companies.

Nearly half the nation's state regulators have agreed to a new multistate licensing business for money servicers, including fintechs.

A recent court decision allowing New York’s financial regulator to proceed in a case meant to block the Office of the Comptroller of the Currency from offering fintechs a new federal banking charter is having a chilling effect on potential applicants.