Senior regulatory officials said they are considering ways to reduce burdens banks face when partnering with third-party service providers, including fintech firms.
The American Bankers Association joined several financial trade associations today in a letter to Acting Comptroller of the Currency Brian Brooks expressing concerns about the OCC’s plans to move forward with a narrow-purpose payments charter, noting that they would strongly oppose efforts to do so.
In a long-awaited move, the OCC today issued a proposal establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party.
As part of its ongoing effort to support innovation, the FDIC issued a request for information today seeking input on whether a public/private standard-setting and voluntary certification program could be established to support financial institutions’ efforts implement innovative models, products and services developed by third-party fintech firms.
When COVID-19 accelerated customer movement into mobile and online banking solutions, and triggered consumers to push their funds into bank accounts, banks that had made investments in the digital customer experience were positioned to capitalize.
The OCC is planning to unveil what Acting Comptroller Brian Brooks called “payments charter 1.0” as soon as this fall, Brooks said on the latest episode of the ABA Banking Journal Podcast.
Sen. Jerry Moran (R-Kan.) yesterday introduced an ABA-backed bill to replace current restrictions on brokered deposits with an asset growth restriction that ABA said better reflects today’s financial services environment.
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Acting Comptroller of the Currency Brian Brooks will focus on promoting “responsible innovation” in the banking sector and continuing OCC modernization, he said in a statement upon taking office from former Comptroller Joseph Otting.
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