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.
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.’
Readers react to the FDIC's proposal allowing banks to hire ex-cons, regulators looking into climate-change risk at banks, whether rewards programs drive loyal customers and more.
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.
The Clearing House is pushing contract terms that would give fintechs quicker access to consumers' financial information, but one large upstart has taken issue with the proposal's language.
The three federal bank regulators usually try to issue rules jointly, but Comptroller of the Currency Joseph Otting on Tuesday pointed to areas where the agencies may move on separate paths.
