News Topic: Licenses and charters

The payments processor was among numerous firms earlier this year to withdraw an ILC charter application over questions about its plan. ... Read full article

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks. ... Read full article

In a speech in Japan, the comptroller of the currency urged overseas institutions to consider a “single regulatory framework” instead of applying to multiple states. ... Read full article

The mutual holding company received regulatory approval to form a limited-purpose commercial bank, allowing it to work around a state law barring mutuals from working with municipalities. ... Read full article

The head of the agency developing the special-purpose federal license said the process is moving forward “independent” of legal challenges mounted by state regulators. ... Read full article

Jelena McWilliams has signaled a thaw in the agency’s approach to industrial loan companies, but she said tech firms and other nonbanks seeking charters should face the same level of regulatory scrutiny as more traditional banks. ... Read full article

State regulators have once again sued the OCC, arguing it lacks legal authority to offer a federal fintech banking charter. ... Read full article

Applications this year are more than double the 2017 mark and the most since 2009. But with some fintechs withdrawing their bids, observers are urging caution. ... Read full article

Colin Walsh, Varo Money's CEO, learned a lot from his first stab at deposit insurance. Lesson one: Work with one regulator at a time. ... Read full article

The Office of the Comptroller of the Currency has been taking the lead on a federal license for fintech firms, but the central bank will decide if such companies can access the payments system and other benefits. ... Read full article

The state's banking regulator and the Conference of State Bank Supervisors are reviving litigation after the Office of the Comptroller of the Currency said it would accept charter applications. ... Read full article

Bullish update by the accomplished Citi CFO boosts shares; credit bureau may have been distracted by prior incident. ... Read full article

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary. ... Read full article

A week after the Treasury Department laid out a plan for federal fintech regulation, it is already unclear which agency is leading the charge. ... Read full article

Fintech firms have the federal option they have long sought, but meeting the agency’s application requirements will not be easy. ... Read full article

The industry group wants the FDIC to reject an ILC request from student lender Nelnet and impose a two-year ban on future applications. ... Read full article

The decision, unveiled just hours after the Treasury Department endorsed the charter concept, means some fintech firms could soon be regulated more like banks. ... Read full article

The payments processor has pulled its submission to the FDIC to become a depository bank but says it plans to make a second attempt soon. ... Read full article