Licenses and charters

Industry experts weigh in on potential pros and cons of the new fintech charter and how it might ultimately impact credit unions.

The National Credit Union Administration’s only newly chartered credit union so far this year hopes to reach a highly unique target membership.

Everest Federal Credit Union will serve the approximately 15,000 members of the Non-Resident Nepalis National Coordination Council of USA.

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.

A week after the Treasury Department laid out a plan for federal fintech regulation, it is already unclear which agency is leading the charge.

The industry group wants the FDIC to reject an ILC request from student lender Nelnet and impose a two-year ban on future applications.

Fintech firms have the federal option they have long sought, but meeting the agency’s application requirements will not be easy.

The decision, unveiled just hours after the Treasury Department endorsed the charter concept, means some fintech firms could soon be regulated more like banks.

The payments processor has pulled its submission to the FDIC to become a depository bank but says it plans to make a second attempt soon.

Jan Lynn Owen works at the epicenter of the digital revolution, but she is unambiguously cautious about the fintech industry.