Fintech regulations

The law could further boost the state’s already vibrant financial services sector as well as spur additional innovation across the state’s economy, writes Valentina Isakina, financial services marketing director for JobsOhio.

PNC's Todd Barnhart, incoming Consumer Bankers Association chair, says the group is concentrating on the impending process of modernizing the Community Reinvestment Act among other issues that do not require action on Capitol Hill.

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.

The Community Reinvestment Act can lower — not increase — bank credit availability in some low-income regions, and the OCC should reconsider holding fintechs to the same standards with its new charter.

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

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.

Rep. Emanuel Cleaver, D-Mo., released a survey of lending practices that he said point to practices such as forced arbitration clauses and extracting a customer’s credit score to determine creditworthiness.

Readers respond to how the industry is donating ahead of the midterms, weigh in on a push to apply CRA-like standards to fintechs, react to a controversial decision by a California court and more.

The Community Reinvestment Act can lower — not increase — bank credit availability in some low-income regions, and the OCC should reconsider holding fintechs to the same standards with its new charter.

All five are Republicans and they include senior House GOP leaders, contenders to head the Financial Services Committee and strong voices in favor of regulatory relief.

The agency’s move to offer a national charter for fintech firms will undermine state authority and give certain firms an unfair advantage.