FDIC

Arthur Levitt says seemingly daily scandals highlight the lack of oversight and corporate governance shortcomings of financial technology firms, but two marketplace lending executives responded that more mature companies have just as many problems.

The proposal is aimed at a simpler capital regime particularly for community banks, but some industry representatives and regulators themselves questioned whether the plan went far enough.

How most banks obtain deposits has changed radically over the past 30 years, thanks in part to innovation. It is time for regulators to rethink their notion of what constitutes a quality deposit portfolio.

In a July order, the FDIC fined a former Oklahoma banker $125,000 and banned him from banking, prompting questions by Rep. Elijah Cummings, D-Md., over whether he is fit to serve as a top adviser at the EPA.

The Trump administration is prepping recommendations to address shortcomings in the capital markets in a report to be released next month, a top Treasury Department official said Monday.

The House passed an appropriations bill that on the surface advanced key regulatory relief provisions sought by banks, but it could also open the door to higher examination fees, particularly for state-chartered banks.

David Dotherow, CEO of the newly formed Winter Park National Bank, stresses the need for strong management and a straightforward business plan when applying for a charter.

The Independent Community Bankers of America had initially called for a moratorium in response to SoFi's application, and says now that Square's bid "has significantly increased our concerns."

Few lawmakers have stated positions on fintech applications for industrial loan company charters. It may not stay that way.

Square became the third fintech firm in recent months to seek out a bank charter. Others are likely to follow.