British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.
Though they won’t name names, fintech leaders claim tier-one U.S. banks string them along, fail to communicate, don’t pay anything and, worst of all, out-and-out steal intellectual property.
Acting Comptroller of the Currency Keith Noreika pushed back against concerns that his agency's proposed fintech charter will unduly benefit nonfinancial firms.
In many countries, customers bank for free, but the reality is the poor largely subsidize “free” banking services through overdrafts and consumer loan payments. This model is seriously flawed, but it is about to change.
The Treasury Department will release a report early next year on opportunities and risks posed by fintech as part of administration efforts to reform the regulatory structure, Craig Phillips said.
