The OCC “will move forward” with plans to provide special-purpose national bank charters to financial technology firms, Comptroller of the Currency Thomas Curry announced today.
As fintech continues to grow and mature and the OCC takes steps toward launching a fintech bank charter, the Federal Reserve has formed a cross-cutting fintech working group on the topic, Fed Governor Lael Brainard said in a speech today.
Security of customers’ data and financial accounts must always be the first consideration when considering how customers may provide third-party access to their account information, ABA VP Rob Morgan said in an American Banker op-ed today.
Members of the Federal Reserve’s Community Depository Institutions Advisory Council — which includes several ABA member bank CEOs — raised concerns over the uncertain regulatory environment for innovation and bank-fintech partnerships and over growing regulations that directly harm the customer experience, according to minutes of the CDIAC’s last meeting released by the Fed.
Consumer Financial Protection Bureau Director Richard Cordray today acknowledged that there are many unanswered questions about the security and technology of allowing consumers to provide third parties access to their personal financial data.
The Consumer Financial Protection Bureau is today launching a formal inquiry into obstacles consumers face in accessing and sharing with third parties personal financial records held by banks and other institutions.
ABA today urged the OCC to keep in mind the fundamentally different business models of uninsured trust and fiduciary banks as it develops its rulemaking for the resolution of national banks without deposit insurance.
Should the OCC decide to grant a federal charter to nonbank fintech companies, as many have suggested and speculated, the agency will hold chartered nonbanks to the “same high standards” that banks are expected to meet, Comptroller of the Currency Thomas Curry said today.