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.
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.