Fintech

Wells, Fifth Third, others plan to raise pay after tax reform; Joseph Otting backs a federal banking charter for online lenders.

Comptroller of the Currency Joseph Otting said in a press conference Wednesday morning that there is a place in the banking world for some kind of fintech charter, though the exact parameters of such a charter are still unclear and have to be worked out.

Key efforts for banks include developing AI applications, adding fintech allies and strengthening cyberdefenses.

The Silicon Valley payment processor is firing back at critics who say its bid for a bank charter would open the door to similar gambits by tech giants. Community activists, meanwhile, seem to be coming around to the idea of Square opening a bank.

The dismissal of a lawsuit challenging the creation of a fintech charter gives the agency more time to refine its policy, but the court ruling may set up future legal challenges.