Licenses and charters

Charter or not, fintechs are already ‘banking’


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.’


Congress can work around court’s nixing of OCC fintech charter


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.


GOP senator tries to block commercial firms from becoming banks


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.


14 years after Walmart, banks face a new ILC bogeyman


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


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.