OCC

Though backward-looking, the exam restricts the company from buying banks or opening branches outside the Northeast.

The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license.

Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.

Jan Owen, California's commissioner of business oversight, on Tuesday invited representatives of 13 fintech companies to a "frank, constructive dialogue" on the obstacles they face with state licenses.

While this will hold fintech to similar regulatory standards as traditional FIs, credit unions are especially vulnerable to these potential disruptors.

If offering a national regulation option to fintech players is the carrot, compliance with commonsense borrower protections could be the stick in promoting responsible financial innovation.

Critics fear a large player obtaining a charter could quickly be seen as systemically important to the economy, while supporters argue there will be safeguards in place.

The proposed charter for fintech firms is rapidly becoming a massive battle that pits state regulators, consumer protection groups and even some banks against a broad assortment of fintech firms and financial institutions.

Guest host Sam Maule chats with American Banker reporter Lalita Clozel and others about the OCC fintech charter, smart home devices, virtual assistants, the security and compliance issues posed by Alexa, and more.

The financial services industry has high hopes that President Trump will usher in a new era of less regulation and economic growth. Here are challenges his administration will face.

The head of the New York Department of Financial Services did not mince words Wednesday in criticizing a proposed federal fintech charter.

The Office of the Comptroller of the Currency could make the Community Reinvestment Act’s spirit relevant in a digital age so long as it builds the right framework for chartered fintech companies.

Critics say the Office of the Comptroller of the Currency is moving too far and too fast in its effort to offer a fintech charter, overlooking skepticism that it lacks sufficient legal authority.

Consumer protection groups opposing the Office of the Comptroller of the Currency’s plan to offer limited-purpose bank charters to fintech companies raised concerns that the move could allow payday lenders to operate nationally.

Mnuchin to divest; fintech firms may be able to get bank charters

Documents from Massachusetts complicate the narrative that marijuana businesses either can’t get bank accounts or are only being served by small institutions.

The Office of the Comptroller of the Currency's decision to offer a special-purpose charter for fintech firms may entice more players than expected.

The OCC's limited-purpose fintech charter will separate the healthiest fintech companies from the unhealthy ones — leading fintech one step closer to disrupting the incumbents.

Two influential Democratic senators' surprise objections to the OCC's fintech charter show that the initiative may be more politically fraught than the industry and agency expected.

In a letter Monday to Comptroller Thomas Curry, Sens. Sherrod Brown, D-Ohio, and Jeff Merkley, D-Ore., registered their strong opposition to the concept of the charter, which would allow certain types of fintech companies to avoid state licensing requirements by obtaining a limited-purpose national bank charter.