Jan Owen, California's commissioner of business oversight, on Tuesday invited representatives of 13 fintech companies to a "frank, constructive dialogue" on the obstacles they face with state licenses.
If offering a national regulation option to fintech players is the carrot, compliance with commonsense borrower protections could be the stick in promoting responsible financial innovation.
Critics fear a large player obtaining a charter could quickly be seen as systemically important to the economy, while supporters argue there will be safeguards in place.
The proposed charter for fintech firms — and what requirements should come with it — is rapidly becoming a massive battle that pits state regulators, consumer protection groups and even some banks against a broad assortment of fintech firms and financial institutions.
Guest host Sam Maule chats with American Banker reporter Lalita Clozel and others about the OCC fintech charter, smart home devices, virtual assistants, the security and compliance issues posed by Alexa, and more.
The financial services industry has high hopes that President Trump will usher in a new era of less regulation and economic growth. Here are challenges his administration will face.
The Office of the Comptroller of the Currency could make the Community Reinvestment Act’s spirit relevant in a digital age so long as it builds the right framework for chartered fintech companies.
Critics say the Office of the Comptroller of the Currency is moving too far and too fast in its effort to offer a fintech charter, overlooking skepticism that it lacks sufficient legal authority.
Consumer protection groups opposing the Office of the Comptroller of the Currency’s plan to offer limited-purpose bank charters to fintech companies raised concerns that the move could allow payday lenders to operate nationally.
