Acting Comptroller of the Currency Keith Noreika on Thursday called for steps to ease the asset thresholds that determine whether banks are subject to certain provisions of the Dodd-Frank Act.
Industry observers are skeptical of acting Comptroller Keith Noreika's claims that his agency could grant a fintech charter to a commercial firm like Amazon or Google, arguing that such a move could become "Walmart 2.0."
Meetings between bank regulators and technology giants like Amazon and PayPal underscore Silicon Valley's growing involvement in the financial services arena, and may presage pursuit of a bank charter.
Acting Comptroller of the Currency Keith Noreika affirmed Thursday that the agency’s fintech charter, if implemented, could be granted to commercial firms like Walmart or Google.
The proposal is aimed at a simpler capital regime particularly for community banks, but some industry representatives and regulators themselves questioned whether the plan went far enough.
How most banks obtain deposits has changed radically over the past 30 years, thanks in part to innovation. It is time for regulators to rethink their notion of what constitutes a quality deposit portfolio.
Acting Comptroller of the Currency Keith Noreika on Monday gave a ringing endorsement to online lenders seeking to expand into banking, suggesting they should consider taking deposits and seek out national bank charters as they mature.
