Tagged: fintech charter

October 23, 2019 @ 8:56 am By JD Alois  |  

Customers Lose as Fintech Charter Shot Down by US District Court This week, Judge Victor Marrero of the US District Court for the Southern District of New York, ruled against the Office of the Comptroller of the Currency (OCC), in its ongoing legal battle to… Read More

September 4, 2019 @ 4:26 pm By JD Alois  |  

The Conference of State Bank Supervisors (CSBS) has been rebuffed once again in its attempt to stymie looming Fintech banking competition. In a decision issued yesterday (September 3, 2019), the US District Court for the District of Columbia ordered that the CSBS pursuit of a… Read More

May 19, 2019 @ 9:47 pm By JD Alois  |  

Last week, Comptroller of the Currency Joseph Otting testified in front of the House Financial Services Committee. The hearing was entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions.” The Office of the Comptroller of the Currency… Read More

May 3, 2019 @ 8:51 am By JD Alois  |  

The US District Court Southern District of New York has greenlighted the lawsuit against the Office of the Comptroller of the Currency filed by the New York Department of Financial Services (DFS). The legal battle is an ongoing attack by DFS to challenge OCC’s Fintech… Read More

April 12, 2019 @ 3:57 pm By JD Alois  |  

Online lender Avant is said to be in “late-stage discussions” concerning the approval of an Office of Comptroller of the Currency (OCC) Fintech charter. The news was apparently revealed on Politico Pro. Big scoop by @vtg2 on @Avant_US in late stage discussions re: @USOCC #FinTech… Read More

October 28, 2018 @ 4:50 pm By JD Alois  |  

CI reported last month that the Conference of State Bank Supervisors (CSBS) was considering filing a lawsuit against the Office of the Comptroller of the Currency (OCC). Once again, the CSBS mission is a legal challenge to the much debated OCC Fintech Charter. Last week, the… Read More

October 20, 2018 @ 6:54 pm By JD Alois  |  

Lawless, ill-conceived, and destabilizing of financial markets. While most level headed individuals will have the opinion this statement best describes the New York Department of Financial Services (NY DFS) and their anti-Fintech point of view, think again. This is how the DFS describes the Office… Read More

September 13, 2018 @ 2:06 pm By JD Alois  |  

According to a post on the Conference of State Bank Supervisors (CSBS), the group is gearing up for more litigation pertaining to the renewed push by the Office of the Comptroller of the Currency (OCC) and their Fintech Charter. The CSBS is a national lobbying… Read More

August 14, 2018 @ 10:03 am By JD Alois  |  

At the end of July, the US Department of Treasury published a wide-sweeping document on Fintech innovation in the US and what must be done to boost innovation in financial services. While much of the document addressed much needed regulatory reform and overlapping state and… Read More

August 3, 2018 @ 8:33 am By JD Alois  |  

After years of discussion, and multiple attempts by traditional finance to block a Fintech Charter offered by the Office of the Comptroller of the Currency (OCC), in a surprise move the OCC announced this week it would begin accepting applications from Fintechs to gain a… Read More

July 31, 2018 @ 6:04 pm By JD Alois  |  

Financial Innovation Now (FIN), the group that represents big techs interest in Fintech, has issued a comment on the decision by the Office of the Comptroller of the Currency (OCC) to move forward with a Fintech Charter following the release of a report on Fintech by… Read More

July 31, 2018 @ 4:06 pm By JD Alois  |  

The Office of the Comptroller of the Currency (OCC) announced its intent to move forward with Fintech Charters following a policy document on Fintech published by the US Department of Treasury. The announcement was accompanied by an update to the OCC’s licensing manual. The document… Read More

July 31, 2018 @ 2:33 pm By JD Alois  |  

Following a report on Fintech published by the US Department of Treasury that encouraged the Office of the Comptroller of the Currency (OCC) to move forward with Fintech Charters, the OCC announced it has begun accepting applications for “national bank charters from non-depository financial technology… Read More

April 12, 2018 @ 1:04 pm By JD Alois  |  

The Independent Community Bankers of America (ICBA) “stormed” Washington, DC this past week as community bankers from across the country urged much needed regulatory reform. The ICBA pronounced the “excessive and unnecessary regulation is stifling their ability to meet the needs of local communities.” As part… Read More

February 7, 2018 @ 1:46 pm By JD Alois  |  

Yesterday, the Conference of State Bank Supervisors (CSBS) took a step forward to streamline the process of licensing  Fintech firms seeking to operate across the US. If you are based outside the US you may be surprised to know that banks and Fintechs must comply… Read More

November 22, 2017 @ 6:15 pm By JD Alois  |  

Joseph Otting, a former banker and CEO of OneWest Bank, was approved by the Senate in a party line vote last week to take over the helm at the Office of the Comptroller of the Currency (OCC). As Comptroller, Otting will be stepping into an… Read More

November 8, 2017 @ 9:34 am By JD Alois  |  

  Acting Comptroller of the Currency Keith Noreika delivered a speech today discussing the US banking industry. In the speech, Noreika makes an important point: US banks need more competition, not less. He also intimates that mixing commerce and banking can deliver benefits to consumers…. Read More

September 25, 2017 @ 12:11 pm By JD Alois  |  

Speaking at the Online Lending Policy Summit in Washington, DC, Acting Comptroller of the Currency Keith Noreika discussed the online lending industry and his perspective on responsible innovation. Noreika told the conference participants; “I see the growth of online lending and marketplace lenders as the… Read More

August 28, 2017 @ 3:21 pm By JD Alois  |  

Congresswoman Maxine Waters, the ranking Democrat on the powerful House Financial Services Committee, published a letter last week directed toward thes Chairman of the Federal Deposit Insurance Corporation (FDIC). Representative Waters asked the Chairman to hold at least one public hearing on the application by… Read More

August 18, 2017 @ 9:49 am By JD Alois  |  

Earlier this month the Office of Comptroller of the Currency (OCC) fired off a counter salvo in the legal battle regarding the OCC Fintech Charter. The Conference of State Bank Supervisors (CSBS) launched an attack against the OCC this past spring. Many Fintech industry participants… Read More