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.
The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license.
Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.
Jan Owen, California's commissioner of business oversight, on Tuesday invited representatives of 13 fintech companies to a "frank, constructive dialogue" on the obstacles they face with state licenses.
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.
Brian Peters, the executive director of Financial Innovation Now — which brings together five of the largest tech companies — discusses the group's view on the screen-scraping debate, the new fintech charter and the rivalry between banks and technology firms.
Easing regs without mulling the consequences could hurt the financial system, but a fintech charter and other careful reforms could promote innovation, Patrick Harker said.
The new president should establish a pro-innovation culture that avoids picking winners and losers and blocks regulations that unduly hamper innovation.
If offering a national regulation option to fintech players is the carrot, compliance with commonsense borrower protections could be the stick in promoting responsible financial innovation.
