Licenses and charters

The entire banking industry needs to join the fight instead of waiting for Congress to act.

The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.

With fintech firms seemingly stuck in neutral in their efforts to gain banking charters, alternative state licensing options could get another look in 2020.

With fintech firms appearing stuck in neutral in their efforts to seek bank charters from federal regulatory agencies, observers say state licensing options could be in vogue again in 2020.

In October, U.S. District Judge Victor Marrero ruled against the OCC in a case brought by the New York State Department of Financial Services.

The Rakuten application has piqued interest in reviving legislation aimed at stopping commercial firms from owning banks. Yet Congress previously had the chance to enact such a measure and declined.

Banks will not have to file reports on customers just because they're in the hemp business; making it easier for people with no credit history to get loans.

The fintech firm, which had made prior attempts to offer a federally insured consumer account product, said it has “no plans at this time” to become a bank.

Former Comptroller Thomas Curry, who initially proposed the special charter now blocked by a judge, calls on policymakers to find another way to regulate financial tech startups.

A more practical approach for U.S. regulators on whether to bring fintechs into the banking fold might be "better the devil you know than the devil you don’t."