The proposed program would allow companies to test innovative products that “present significant opportunities or benefits” for consumers, businesses and other financial institutions.
As major vendors consolidate, financial institutions should be looking to adopt emerging technologies, rather than relying solely on legacy firms to provide services.
More acquainted with the quick decision-making style of the banking world, the comptroller of the currency found a policymaking environment in D.C. that moves at a slower pace.
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.
In hundreds of cases, the prepaid card program run by the bank allegedly sent users’ funds to fraudsters who had stolen their data. The security lapse has now caught the attention of the Democratic senator.
A community bank in Pennsylvania made up its own holiday of sorts — including a product demonstration and a 1982 DeLorean reminiscent of "Back to the Future" — to encourage bank customers to try out new fintech features.
Small banks and credit unions say slow responses and outdated products from the establishment tech vendor can become a drag on their innovation efforts.
