Licenses and charters

With the two companies said to be still mulling which charter to seek, the various options each have possible advantages and drawbacks.

Ronald Rubin, who was a CFPB enforcement attorney, will head an office overseeing nearly 200 state-chartered banks.

The agency began seeking comments in December through a "request for information" on how to improve the agency's process for considering new deposit insurance applications.

As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option.

The industrial loan company charter is getting more attention as doubts grow about a new federal license for fintechs.

Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.

Whether it's the OCC's special-purpose charter, ILCs or some other option, observers see fintechs being able to obtain banking powers.

The agency refuted claims by the Conference of State Bank Supervisors that the OCC was overstepping its authority.

An “emergency merger” with the troubled Progressive Credit Union gives PenFed — already the nation’s third-largest credit union — the ability to welcome any potential member nationwide.

An “emergency merger” with troubled Progressive Credit Union gives PenFed – already the nation’s third-largest credit union – the ability to welcome any potential member nationwide.

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

The payments processor was among numerous firms earlier this year to withdraw an ILC charter application over questions about its plan.

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

In a speech in Japan, the comptroller of the currency urged overseas institutions to consider a “single regulatory framework” instead of applying to multiple states.

The mutual holding company received regulatory approval to form a limited-purpose commercial bank, allowing it to work around a state law barring mutuals from working with municipalities.

The head of the agency developing the special-purpose federal license said the process is moving forward “independent” of legal challenges mounted by state regulators.

Jelena McWilliams has signaled a thaw in the agency’s approach to industrial loan companies, but she said tech firms and other nonbanks seeking charters should face the same level of regulatory scrutiny as more traditional banks.

Recent comments from the chairman of the National Credit Union Administration signal the agency may soon take a lighter touch with small institution

Organizers of the credit union believe there is a funding gap in the state for agriculture and want to fill the void.

State regulators have once again sued the OCC, arguing it lacks legal authority to offer a federal fintech banking charter.