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.
Banks are aggressively innovating and partnering with financial technology startups, but Congress and regulatory agencies could do more to promote “innovation-forward” policies, ABA President and CEO Rob Nichols told the House Financial Services Committee today.
The OCC is focusing on credit risk and strategic risk as the top risk priorities in its supervision of community and midsize banks, according to the agency’s Semiannual Risk Perspective report released today.
The OCC today opened registration for its upcoming forum on “Supporting Responsible Innovation in the Federal Banking System,” to be held June 23 in Washington, D.C.
Three top nonbank fintech marketplace lenders originated nearly $12 billion in loans in 2015, up from less than half a billion in 2011.
While online marketplace lenders are subject to many of the same rules as banks for loan originations, marketplace lenders receive less direct oversight, the Treasury Department said today in its long-awaited report on the marketplace lending industry.
Bankers and others are closely watching to find out if the usury battles thought long won and settled are re-opening.
Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio), joined by Sens. Jeff Merkley (D-Ore.) and Jeanne Shaheen (D-N.H.) today called on the Government Accountability Office to conduct a new study of the fast-growing nonbank financial technology sector.