Fintech regulations

For any emerging technology, skepticism is natural and blockchain will need to prove itself before it is widely adopted, writes David Hanson, co-CEO of Ultra.

Concentration risk, threats to data privacy and the potential for discrimination are among the unintended consequences of letting fintechs and tech giants dabble in financial services without bank-like regulation, an expert says.

Industry experts weigh in on potential pros and cons of the new fintech charter and how it might ultimately impact credit unions.

The OCC required the company to raise more capital and complete a CRA plan. Varo Bank still needs FDIC and Fed approval before opening.

An OCC charter for fintechs requires firms to meet a “financial inclusion” standard instead of conventional Community Reinvestment Act requirements. That’s a problem.

The agency is seeking public comment on how to reform the Community Reinvestment Act — a big step forward without the Fed or the FDIC on board.

To compete with fintech startups, banks need to find more ways to use the mountains of data already at their disposal.

An OCC charter for fintechs requires firms to meet a “financial inclusion” standard instead of conventional Community Reinvestment Act requirements. That’s a problem.

The best thing a banker can do today is regard the U.K. as a real-world fintech laboratory, track developments closely and seek opportunities to capitalize on change, writes Naomi Bowman, managing director for Berkeley Research Group in London.

Thibault Fulconis recently became CFO of the digital banking venture Varo Money, which has applied for a national bank charter.