Fintech regulations

While there’s been dramatic innovation in the banking sector in recent years, regulators and startups can better collaborate around these developments.

The measures are likely to raise security costs for the German smartphone bank backed by billionaires Peter Thiel and Li Ka-shing.

The comptroller, now a year and a half on the job, discusses his attempts to revamp the supervision process for national banks and make the agency run more efficiently.

A recent court decision allowing New York’s financial regulator to proceed in a case meant to block the Office of the Comptroller of the Currency from offering fintechs a new federal banking charter is having a chilling effect on potential applicants.

Manuel Alvarez, who became commissioner of the Department of Business Oversight on Monday, is the former general counsel and chief compliance officer at the online lender Affirm.

The Office of the Comptroller of the Currency had sought to dismiss the case, but a court ruling suggested that the state regulator’s claim may have merit.

The head of the agency's innovation office said the program will be available only to OCC-regulated institutions.

Colin Walsh, Varo’s chief executive, says the disruptor has hired several former regulatory officials to help in what has admittedly been “a difficult process.”

The proposed program would allow companies to test innovative products that “present significant opportunities or benefits” for consumers, businesses and other financial institutions.

At a fintech event hosted by the FDIC, the agency’s chief and the head of the OCC offered their views on a wide range of matters.