Fintech companies can help consumers and small businesses obtain credit at lower costs, but it is critical to ensure that these innovative companies do not harm borrowers with predatory or discriminatory lending practices.
The Office of the Comptroller of the Currency’s proposal to require fintech charter applicants to draft and comply with a financial inclusion plan appears to have more teeth than similar Community Reinvestment Act requirements for banks.
In a speech, Consumer Financial Protection Bureau Director Richard Cordray said the agency enforces “with the principle of equal justice” so enforcement actions don’t seem random.
American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.
An improved state-level system could be a tremendous advantage. Working closely with a cooperative regulator, innovators large and small can rapidly test a concept within state lines.
New York State Department of Financial Services Superintendent Maria T. Vullo speaks out on cybersecurity regulation, cracking down on bad actors in the industry and the OCC's fintech charter.
The OCC’s draft fintech charter requirements are far from perfect. States can seize this chance and collectively create a better regulatory environment for fintechs.
The Office of the Comptroller of Currency is trying to do its part to address fintech regulation, but the OCC lacks the mandate to solve the broader fintech issues facing the entire financial ecosystem.
