Browsing: Nonbanks


With banks engaged in advanced technological innovation and fintech firms pursuing a wide variety of strategic paths, ABA President and CEO Rob Nichols today laid out his views on competition in the financial industry in a speech at a fintech conference hosted by the Federal Reserve Bank of Philadelphia.


In a long-awaited speech today, Acting Comptroller of the Currency Keith Noreika embraced the OCC’s plans to issue special purpose national bank charters to fintech companies and emphasized that the plan upholds high bank-like standards and offers a level playing field.


To ensure transparency and clarity as the OCC begins granting special-purpose national bank charters for fintech companies, ABA urged the agency to solicit public comment and pursue federal interagency cooperation when it weighs action on charter applications.


The OCC’s plan to issue limited-purpose national bank charters to fintech companies is not a path to “light-touch” regulation, nor will it mix banking and commerce, Comptroller of the Currency Thomas Curry said at an industry conference in New York today.

Community Banking

In a comment letter to the National Credit Union Administration today, ABA expressed strong opposition to an additional proposal by the credit union regulator to amend its chartering and field of membership requirements for federal credit unions seeking community charters.