The Dutch company is no longer a bank in some countries, but more of a digital matchmaker between consumers and financial products provided by third parties, explains innovation chief Benoit LeGrand.
Dozens of companies, including Google and PayPal, met with OCC officials last year in part to discuss obtaining a new fintech charter, but many ultimately decided not to pursue it, according to sources. Here's why.
Synapse is working to refine its application programming interfaces to meet know-your-customer and other complex requirements, but it's a tall order, the head of the back-office-services platform says.
Stress tests have come a long way since first unveiled to shore up confidence in banks. But some critics fear that proposals to make the system more efficient would compromise its safety.
In a study of 27 global markets, the U.S. ranked near the bottom for consumer use of fintech, raising questions about why Americans appear reluctant to dive in.
Sens. Elizabeth Warren, D-Mass., and Doug Jones, D-Ala., cited research that found algorithmic lending can lead to higher interest rates for minority borrowers.
