Licenses and charters

With no fintech applicant officially seeking the agency’s specialized charter, Judge Dabney Friedrich said claims by the Conference of State Bank Supervisors still were not ripe.

Nearly three years after NCUA passed the rule, credit unions are ready to broaden their reach, but the possibility of an appeal to the Supreme Court may put those efforts on hold.

Groups seeking to open a new institution will submit preliminary information for review by the National Credit Union Administration.

The industry trade group said Rakuten's nonfinancial activities raise questions about its pursuit of a banking charter.

Rakuten joins a growing list of fintechs trying to enter the regulated banking sector. All have faced their share of obstacles.

Nearly half the nation's state regulators have agreed to a new multistate licensing business for money servicers, including fintechs.

Speaking during an event on Wednesday, Hood touched upon charter expansions, regulatory relief and the industry's tax-exempt status.

It's admirable that the National Credit Union Administration wants to make opening a de novo easier but organizers will still face challenges in raising the necessary funds to launch a new credit union.

During its monthly meeting, the National Credit Union Administration board also approved a proposal to increase CU access to non-member deposits, a move bankers are already railing against.

Otoe-Missouria Federal Credit Union in Red Rock, Okla., was designated as a low-income institution.

Credit Union Trust, a new credit union service organization, has obtained a bank charter that it will use in offering trust and investment-related services.

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.

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

The fintech company, which was forced to rebrand its cash management product last year after misleading marketing caused a backlash, is seeking a national bank charter.

In a unique deal, organizers of Village Financial Cooperative received $500,000 from the Minneapolis City Council as they aim for a June opening.

A bill recently introduced in the California state assembly would create a framework for local governments to set up their own taxpayer-owned banks. It’s more specific than other public-bank proposals, which raised more questions than they answered, but still faces long odds.

The Association for Black Economic Power will receive an interest-free forgivable loan and a grant from the city to help pay for a retail space and equipment for the effort.

The Federal Reserve and Federal Deposit Insurance Corp. will hold two public meetings to consider the deal's impact on the U.S. banking system.