Fintech regulations

British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.

Though they won’t name names, fintech leaders claim tier-one U.S. banks string them along, fail to communicate, don’t pay anything and, worst of all, out-and-out steal intellectual property.

The Consumer Financial Protection Bureau made it clear that consumers own their financial data and can share it with apps of their choice. Now it’s up to the industry to resolve thorny issues on liability and accountability.

Acting Comptroller of the Currency Keith Noreika pushed back against concerns that his agency's proposed fintech charter will unduly benefit nonfinancial firms.

The Treasury Department will release a report early next year on opportunities and risks posed by fintech as part of administration efforts to reform the regulatory structure, Craig Phillips said.

Minorities are more likely to turn to a financial technology firm than a bank when seeking a business loan, but they may pay higher interest rates, according to the preliminary results of a congressional investigation released Monday.

Bankers need to set aside their post-crisis aversion to risk, recapture some of the magic they once practiced as innovators, fear fintechs less, and worry about the Googles and Amazons more, says Peter Memon, a bank IT veteran turned global consultant.

Industry observers are skeptical of acting Comptroller Keith Noreika's claims that his agency could grant a fintech charter to a commercial firm like Amazon or Google, arguing that such a move could become "Walmart 2.0."

Meetings between bank regulators and technology giants like Amazon and PayPal underscore Silicon Valley's growing involvement in the financial services arena, and may presage pursuit of a bank charter.

Acting Comptroller of the Currency Keith Noreika affirmed Thursday that the agency’s fintech charter, if implemented, could be granted to commercial firms like Walmart or Google.