Licenses and charters

Streamline application process to spur new banks: OCC’s Noreika


While increasing de novo activity is encouraging, the processes of chartering a bank and applying for deposit insurance are more onerous, lengthy and costly than they need to be.


Fears of commercially owned banks are unfounded: OCC's Noreika


Acting Comptroller of the Currency Keith Noreika pushed back against concerns that his agency's proposed fintech charter will unduly benefit nonfinancial firms.


Lawmakers stay clear of ILC charter debate … for now


Few lawmakers have stated positions on fintech applications for industrial loan company charters. It may not stay that way.


De novo capital requirements are a 'sin tax': Petrou


In the midst of a public feud between federal regulators on the right process for chartering new banks, Federal Financial Analytics argues that regulators should instead focus on loosening capital standards for new industry entrants.


FDIC defends right to charter new banks against OCC criticism


After repeated attacks from acting Comptroller of the Currency Keith Noreika, the Federal Deposit Insurance Corp. defended its role in greenlighting prospective bank applicants.


‘Permission to commit legal extortion’: Comments of the week


Readers react to the CFPB’s final arbitration rule, a new potential hurdle for initial coin offerings, a housing finance reform proposal and more.


Why are we still separating banking and commerce?


It is only a matter of time before bankers and policymakers realize that the concept keeping banks and non-financial entities apart no longer has any underlying support.


Citi ready to turn the page; oversight for ICOs?


Citigroup hopes to return $60 billion to shareholders by 2020 while earning $20 billion a year; SEC says companies that raise money by selling their own electronic tokens for cryptocurrencies may be subject to federal oversight.


A quick guide to what’s at stake in the SoFi charter controversy


Social Finance’s application for an industrial loan charter has not only drawn opposition from a coalition of incumbent banks and community activists, it also serves as a microcosm of several perennial debates in financial services policy.


‘New York doesn’t allow that’: Maria Vullo stares down fintechs, OCC


While some policymakers are open to accommodating fintech companies with looser oversight compared to banks, the New York State superintendent is unapologetic about her tough approach.