News Topic: Licenses and charters
Search Results
Democratic majority on FDIC board spells trouble for ILC hopefuls
New York regulator resigning after report ties her to Cuomo PR effort
Circle could face an uphill climb to get a banking charter
OCC, states declare ceasefire in fintech charter case. Will it hold?
Interim OCC chief has full plate — but acknowledges limited authority
5 policy challenges awaiting next OCC chief
New Jersey group receives first federal credit union charter of 2021
Fintech seeks ILC to be one-stop banking resource for startups
Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider. ... Read full article
OCC approves trust charter for second crypto firm
Protego Trust Bank in Seattle will focus on providing custody services for investors that hold digital assets. The OCC decision comes weeks after the agency granted permission to a South Dakota trust company to offer crypto-related services. ... Read full article
Rakuten mounts third attempt for industrial bank charter
After withdrawing two previous bids, the e-commerce company submitted an application to the FDIC outlining a significantly simpler business model for a proposed industrial loan company. ... Read full article
After busy tenure, acting OCC head calls it quits
Brian Brooks may be remembered as one of the most controversial interim regulatory chiefs in recent memory, taking positions on the pandemic response, fintechs’ banking ambitions and other issues that won him supporters and critics alike. ... Read full article
In a first, OCC grants federal charter to crypto firm
A co-founder of Anchorage Trust Co. said its digital bank, which will not take insured deposits, will enable the company to strengthen partnerships with financial institutions that offer custody services for clients’ cryptocurrency assets. ... Read full article
CFPB, OCC on collision course over who regulates fintechs
The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job. ... Read full article
FDIC finishes long-awaited rules on brokered funds, ILCs
The revamp of the brokered deposits framework offers relief to banks and their partners that saw the prior rule as outdated. Meanwhile, new standards for industrial loan company parents aim to clarify the bank chartering process for fintechs and other ... Read full article
Coronavirus dims outlook for new credit union charters
The National Credit Union Administration generally only approves a handful of charters each year, but sustained economic troubles are likely to make launching a new institution even more challenging. ... Read full article
Banking groups urge Congress to block OCC payments charter
Various trade organizations sent letters to a House Financial Services Committee task force saying lawmakers should "actively discharge their oversight prerogatives" as the national bank regulator considers giving licenses to companies that do ... Read full article
Credit unions need reg relief, not new premiums
To shore up the share insurance fund, the National Credit Union Administration would be wise to give the industry additional temporary investment options. ... Read full article
Countering OCC, states announce streamlined payments exams
With the Office of the Comptroller of the Currency considering a special charter for payments firms, a state regulator group said large money transmitters can opt for the “one company, one exam” program next year. ... Read full article
OCC chief goes too far reimagining national bank charter
Acting Comptroller of the Currency Brian Brooks’ focus on allowing fintech firms into the federal banking sphere appears to have a more ambitious and risky goal: redefining the agency’s regulatory focus. ... Read full article