While increasing de novo activity is encouraging, the processes of chartering a bank and applying for deposit insurance are more onerous, lengthy and costly than they need to be.
Acting Comptroller of the Currency Keith Noreika pushed back against concerns that his agency's proposed fintech charter will unduly benefit nonfinancial firms.
In the midst of a public feud between federal regulators on the right process for chartering new banks, Federal Financial Analytics argues that regulators should instead focus on loosening capital standards for new industry entrants.
After repeated attacks from acting Comptroller of the Currency Keith Noreika, the Federal Deposit Insurance Corp. defended its role in greenlighting prospective bank applicants.
It is only a matter of time before bankers and policymakers realize that the concept keeping banks and non-financial entities apart no longer has any underlying support.
Citigroup hopes to return $60 billion to shareholders by 2020 while earning $20 billion a year; SEC says companies that raise money by selling their own electronic tokens for cryptocurrencies may be subject to federal oversight.
Social Finance’s application for an industrial loan charter has not only drawn opposition from a coalition of incumbent banks and community activists, it also serves as a microcosm of several perennial debates in financial services policy.
