Licenses and charters

FDIC aims to smooth de novo process for nontraditional firms

02/10/20

The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.

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Are states gaining upper hand in fintech charter battle?

12/30/19

With fintech firms appearing stuck in neutral in their efforts to seek bank charters from federal regulatory agencies, observers say state licensing options could be in vogue again in 2020.

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OCC files appeal in fintech charter case

12/19/19

In October, U.S. District Judge Victor Marrero ruled against the OCC in a case brought by the New York State Department of Financial Services.

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Is Congress spoiling for another fight over ILCs?

12/10/19

The Rakuten application has piqued interest in reviving legislation aimed at stopping commercial firms from owning banks. Yet Congress previously had the chance to enact such a measure and declined.

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Regulators ease hemp banking rules; alternative credit checks get the nod

12/04/19

Banks will not have to file reports on customers just because they're in the hemp business; making it easier for people with no credit history to get loans.

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Robinhood to pull application for national bank charter

11/27/19

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.

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Charter or not, fintechs are already ‘banking’

11/22/19

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.’

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Congress can work around court’s nixing of OCC fintech charter

11/18/19

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.

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GOP senator tries to block commercial firms from becoming banks

11/13/19

Sen. John Kennedy, R-La., has proposed a bill to bar companies such as Rakuten from using industrial loan companies to access the banking system.

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14 years after Walmart, banks face a new ILC bogeyman

10/24/19

The Rakuten application has opened another front in the battle over nonfinancial companies' ownership of banks.

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