News Topic: Licenses and charters

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

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

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

Credit Union Trust, a new credit union service organization, has obtained a bank charter that it will use in offering trust and investment-related services. ... Read full article

The comptroller, now a year and a half on the job, discusses his attempts to revamp the supervision process for national banks and make the agency run more efficiently. ... Read full article

A recent court decision allowing New York’s financial regulator to proceed in a case meant to block the Office of the Comptroller of the Currency from offering fintechs a new federal banking charter is having a chilling effect on potential applicants. ... Read full article

The Office of the Comptroller of the Currency had sought to dismiss the case, but a court ruling suggested that the state regulator’s claim may have merit. ... Read full article

The proposed program would allow companies to test innovative products that “present significant opportunities or benefits” for consumers, businesses and other financial institutions. ... Read full article

The fintech company, which was forced to rebrand its cash management product last year after misleading marketing caused a backlash, is seeking a national bank charter. ... Read full article

A bill recently introduced in the California state assembly would create a framework for local governments to set up their own taxpayer-owned banks. It’s more specific than other public-bank proposals, which raised more questions than they answered, but ... Read full article

The Federal Reserve and Federal Deposit Insurance Corp. will hold two public meetings on BB&T's planned purchase of SunTrust to consider the deal's impact on the U.S. banking system ... Read full article

With the two companies said to be still mulling which charter to seek, the various options each have possible advantages and drawbacks. ... Read full article

Ronald Rubin, who was a CFPB enforcement attorney, will head an office overseeing nearly 200 state-chartered banks. ... Read full article

The agency began seeking comments in December through a "request for information" on how to improve the agency's process for considering new deposit insurance applications. ... Read full article

As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option. ... Read full article

The industrial loan company charter is getting more attention as doubts grow about a new federal license for fintechs. ... Read full article

Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns. ... Read full article

Whether it's the OCC's special-purpose charter, ILCs or some other option, observers see fintechs being able to obtain banking powers. ... Read full article