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.
Immediately after the National Credit Union Administration’s publication today in the Federal Register of a controversial final rule further expanding the already loose fields of membership from which federal credit unions can draw their customers, ABA filed a lawsuit in federal court to stop NCUA from implementing the rule.
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.
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.
Bank customers ought to be free to authorize third parties to access their bank account information without limit, Consumer Financial Protection Bureau Director Richard Cordray said today at a fintech conference in Las Vegas.
The Consumer Financial Protection Bureau today issued final rules on prepaid financial products, including prepaid cards and digital wallets that store and transfer funds.
Under a bill introduced by Rep. Patrick McHenry (R-N.C.) today, companies — banks and nonbank financial technology firms alike — will be able to test innovative fintech products under a streamlined process with greater certainty about compliance requirements.
Speaking to a conference of marketplace lenders, Comptroller of the Currency Thomas Curry today outlined features of a possible “fintech charter” for nonbank financial technology firms, which the OCC is considering whether to grant.