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Brian Brooks may be remembered as one of the most controversial interim regulatory chiefs in recent memory, taking positions on the pandemic response, fintechs’ banking ambitions and other issues that won him supporters and critics alike.January 13
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A co-founder of Anchorage Trust Co. said its digital bank, which will not take insured deposits, will enable the company to strengthen partnerships with financial institutions that offer custody services for clients’ cryptocurrency assets.January 13
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Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act. A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this.January 13CEOAmerican Bankers Association
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The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job.January 12
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New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications.January 7
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A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.January 5
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The Conference of State Bank Supervisors filed a complaint arguing that the unique bid by the San Francisco fintech is "merely a thinly veiled effort" to evade legal challenges to the federal regulator's chartering of nonbanks.December 23
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The revamp of the brokered deposits framework offers relief to banks and their partners that saw the prior rule as outdated. Meanwhile, new standards for industrial loan company parents aim to clarify the bank chartering process for fintechs and other nontraditional firms.December 15
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Figure Technologies would only accept uninsured deposits, so it would not be subject to Fed or FDIC oversight. A major concern for banks is that the effort could open the door to incursions by bigger tech companies.December 2
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In an open letter, industry veteran Thomas Vartanian outlines the steps the administration can take to encourage innovation, better detect cyber threats and modernize regulation.November 23Executive Director and Professor of LawGeorge Mason University's Scalia Law School, Program on Financial Regulation & Technology