Fintech regulations

The industry has raised concerns about nontraditional bank owners, and some lawmakers have backed limits for industrial loan companies and cryptocurrency firms. But members of the House and Senate have been unable to reach a consensus on legislation.

Ten companies this week joined the American Fintech Council, which debuted March 3 after the Marketplace Lending Association and Online Lending Policy Institute combined.

Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing. He could get a grilling from Banking Committee Republicans and some opposition on the Senate floor.

Lost in the debate about whether to make fintechs comply with the Community Reinvestment Act is that many of them already partner with banks to make loans in low-income neighborhoods.

As the bureau writes data-sharing rules, the third-party firms that work with fintechs say oversight by the agency would be more efficient — and better for consumers — than being policed by their bank partners.

The jockeying over who President Biden should appoint to head the Office of the Comptroller of the Currency has focused attention on how to regulate the fintech sector, but the discussion has glossed over flaws in the agency's funding structure that have persisted across administrations.

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.

U.S. banks and payment companies are looking to Europe's example to see how open banking can push the market beyond its reliance on credit and debit cards.

U.S. banks and payment companies are looking to Europe's example to see how open banking can push the market beyond its reliance on credit and debit cards.

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.