Updates

CSBS Statement on New York Department of Financial Services Lawsuit Against OCC

Washington, D.C. -- Conference of State Bank Supervisors President and CEO John W. Ryan issued the following statement today in response to the New York Department of Financial Services lawsuit against the Office of the Comptroller of the Currency (OCC), which challenges the OCC’s authority to create a special-purpose national bank charter for fintech and … Continue reading CSBS Statement on New York Department of Financial Services Lawsuit Against OCC

CSBS Files Complaint Against Comptroller of the Currency

Washington, D.C. – The Conference of State Bank Supervisors (CSBS) announced today it has filed a complaint in the United States District Court for the District of Columbia against the Office of the Comptroller of Currency (OCC). The complaint seeks to prevent the agency from moving forward with an unlawful attempt to create a national … Continue reading CSBS Files Complaint Against Comptroller of the Currency

Comment Letter: OCC Fintech Charter “Fatally Flawed.”

CSBS sent the OCC a comment letter in response to its proposed guidelines for Evaluating Charter Applications From Financial Technology Companies, which reiterates that state regulators remain firmly opposed to the proposed national nonbank charter.  The letter refers to previous comment letters stating that the charter would be an unprecedented, unlawful expansion of the OCC’s … Continue reading Comment Letter: OCC Fintech Charter “Fatally Flawed.”

Op-Ed: “Bank Regulator to Fintechs: We Hear You”

Secretary of the Illinois Department of Financial and Professional Regulation Bryan A. Schneider writes for the American Banker: The intersection of financial services and technology is rapidly changing the lives of citizens in my home state of Illinois and across our country. Potential homeowners can now apply for a mortgage on their phone and get an … Continue reading Op-Ed: “Bank Regulator to Fintechs: We Hear You”

CSBS Urges Congress to Weigh in Against OCC Non-Bank Charter

 “A Solution in Search of a Problem” Statement from John W. Ryan, President and CEO, Conference of State Banking Supervisors (CSBS), in response to the Office of the Comptroller of the Currency (OCC) decision to move forward with creating national bank charters for financial technology companies and other non-banks, and begin considering applications. “Today’s announcement … Continue reading CSBS Urges Congress to Weigh in Against OCC Non-Bank Charter

Op-Ed: Reg-Tech Is One Answer to Fintech

Texas Banking Commissioner and CSBS Chairman Charles Cooper writes in The Hill: In the public policy debate over how to best regulate financial technology firms, technology itself is one good solution. Today, state regulators apply enhanced regulatory technology (RegTech) to FinTech. It is called the Nationwide Multistate Licensing System (NMLS), which we use to license … Continue reading Op-Ed: Reg-Tech Is One Answer to Fintech

Illinois Promotes Streamlined Multi-state Fintech Process

Statement on the Illinois Fintech Regulatory Roundtables Bryan A. Schneider Secretary, Illinois Department of Financial and Professional Regulation The Illinois Department of Financial and Professional Regulation hosted two fintech roundtables last week co-hosted by the Conference of State Bank Supervisors, FinTEx Chicago and 1871. The following is a statement by Bryan A. Schneider, Secretary of … Continue reading Illinois Promotes Streamlined Multi-state Fintech Process

Article: Why some fintech firms are saying no thanks to OCC charter

From the American Banker [Subscription Required]: Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached. “This provides zero benefit to innovation,” said Timothy Li, the founder and CEO of Kuber, an online lender targeting … Continue reading Article: Why some fintech firms are saying no thanks to OCC charter

State Regulators Promote Fintech Friendly Features of National Registry

Financial regulators from Texas and Louisiana today highlighted innovative, “fintech friendly” features of state regulation in remarks before the annual conference of the Nationwide Multistate Licensing System (NMLS). “We have embraced what we call ‘reg-tech’ to take state regulation to the next level,” said Charles G. Cooper, Chairman of the Conference of State Bank Supervisors (CSBS) … Continue reading State Regulators Promote Fintech Friendly Features of National Registry

Brookings Event Elevates Debate on Fintech Innovation, OCC Charter

An event hosted Wednesday by Brookings encouraged debate on emerging Fintech regulation and highlighted the challenges posed by the OCC’s federal fintech charter proposal. The event, titled “Fintech: How can government promote the good and protect the bad?” began with a keynote from Rep. Patrick McHenry (R-NC). To explain his view on innovation, McHenry spoke … Continue reading Brookings Event Elevates Debate on Fintech Innovation, OCC Charter