Fintech regulations

While this will hold fintech to similar regulatory standards as traditional FIs, credit unions are especially vulnerable to these potential disruptors.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

Brian Peters, the executive director of Financial Innovation Now — which brings together five of the largest tech companies — discusses the group's views on the screen-scraping debate, the new fintech charter and the rivalry between banks and technology firms.

Easing regs without mulling the consequences could hurt the financial system, but a fintech charter and other careful reforms could promote innovation, Patrick Harker said.

The new president should establish a pro-innovation culture that avoids picking winners and losers and blocks regulations that unduly hamper innovation.

If offering a national regulation option to fintech players is the carrot, compliance with commonsense borrower protections could be the stick in promoting responsible financial innovation.

Critics fear a large player obtaining a charter could quickly be seen as systemically important to the economy, while supporters argue there will be safeguards in place.

The proposed charter for fintech firms is rapidly becoming a massive battle that pits state regulators, consumer protection groups and even some banks against a broad assortment of fintech firms and financial institutions.

Guest host Sam Maule chats with American Banker reporter Lalita Clozel and others about the OCC fintech charter, smart home devices, virtual assistants, the security and compliance issues posed by Alexa, and more.