News Topic: Licenses and charters

Wells Fargo appears to be outpacing its rivals in the API race; CFPB's unexpected showdown with Citizens; Varo gets vital FDIC OK for bank charter; and more from this week's most-read stories. ... Read full article

The entire banking industry needs to join the fight instead of waiting for Congress to act. ... Read full article

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

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

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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.’ ... Read full article

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. ... Read full article

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. ... Read full article

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

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

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. ... Read full article

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

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

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