Members of the Federal Reserve’s Community Depository Institution Advisory Council urged the Fed to “be cautious in its approach to allowing non-traditional banks direct access to the payment system” during a recent meeting, flagging recent attempts by several non-bank entities to obtain state or national banking charters that would allow them to circumvent FDIC supervision and Community Reinvestment Act requirements.
On the latest episode of the ABA Banking Journal Podcast, ABA Government Relations Council Chair Jim Rieniets outlines policy areas where ABA will focus in 2021.
In an American banker op-ed today, ABA President and CEO Rob Nichols and National Community Reinvestment Coalition CEO Jesse Van Tol expressed opposition to moves by the OCC to grant banking charters to fintech firms that would allow them access to the banking system while circumventing many of the rules and regulations that banks are required to adhere to, such as the Community Reinvestment Act regulations.
The Consumer Financial Protection Bureau’s Task Force on Federal Consumer Financial law today issued an…
What venture capital sees when it surveys the bank tech landscape.
The Conference of State Bank Supervisors yesterday filed a complaint in the U.S. District Court for the District of Columbia challenging the OCC’s creation of a new special-purpose national bank charter for nonbank companies and the impending charter approval of fintech Figure Technologies.
As community banks continue to innovate—a task that has only become more important since the COVID-19 pandemic began—regulators play two key roles in that process, ABA President and CEO Rob Nichols said during a virtual industry event today.
ABA and six other industry trade groups today urged the OCC today to postpone its consideration of a charter application submitted by Reno, Nevada-based Figure Bank.
In response to feedback from banks and fintech providers, the Federal Reserve, working with other financial regulatory agencies, is developing a fintech vendor due diligence guide for community banks, that would provide specific information about the documents and information they need to successfully complete their due diligence obligations, Federal Reserve Governor Michelle Bowman said in a speech today.
ABA and a coalition of financial trade associations urged the OCC today to provide more time for stakeholders and the public to evaluate novel charter applications by before the regulator considers applications.