Licenses and charters

Banking charter remains a long way off for fintechs after court ruling


A regulatory cloud still follows fintech companies following a judge's decision throwing out the Office of the Comptroller Currency’s special-purpose charter.


High-cost lenders already seeking ways around crackdown in California


A law signed last week by Democratic Gov. Gavin Newsom caps interest rates on installment loans. But three large lenders are looking to avoid its restrictions by partnering with banks.


State regulators propose draft language for multistate licensing


The Conference of State Bank Supervisors has proposed creating model payments legislation that states could adopt to improve the state-by-state licensing process.


Where banking-fintech partnerships fall short


Fintechs that simply offer cosmetic upgrades to the cumbersome American banking system won't survive.


OCC can't claim victory despite dismissal of fintech charter suit


A federal judge blocked state regulators from suing the agency over its new charter, but it’s still unclear whether fintechs would even apply.


OCC approves Fifth Third’s conversion to national bank


The Cincinnati bank applied in May to convert its Ohio state charter amid an expansion into Texas and Colorado and the completion of its merger with MB Financial.


Judge tosses out state regulators’ challenge of OCC charter a second time


With no fintech applicant officially seeking the agency’s specialized charter, Judge Dabney Friedrich said claims by the Conference of State Bank Supervisors still were not ripe.


ABA voices 'serious concerns' about e-commerce firm's ILC bid


The industry trade group said Rakuten's non-financial activities raise questions about its pursuit of a banking charter.


Latest to seek ILC charter is Japanese e-commerce firm


Rakuten joins a growing list of fintechs trying to enter the regulated banking sector. All have faced their share of obstacles.


State regulators expand multistate licensing process for fintechs


Nearly half the nation's state regulators have agreed to a new multistate licensing business for money servicers, including fintechs.