Updates

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

Additional State Agencies Jump on the ESB Bandwagon

JDSupra writes: NMLS recently announced that twelve additional state agencies (with 44 license types) would jump on the Electronic Surety Bond (ESB) bandwagon as of January 23, 2017. These additions bring the total number of agencies using ESB within NMLS to 21 (with 81 license types.) Jurisdictions that will begin using ESB for licensing in … Continue reading Additional State Agencies Jump on the ESB Bandwagon

Illinois State Regulator Continues Innovations with Roadmap Strategy

The Illinois Department of Financial and Professional Regulation (“IDFPR”) has implemented a strategic blueprint approach to modernize Department operations and instill lasting solutions. From the release: Under the leadership of Governor Bruce Rauner and Secretary Bryan A. Schneider, IDFPR adopted a Roadmap approach to help articulate its vision for 2016 and enable the implementation of actionable, … Continue reading Illinois State Regulator Continues Innovations with Roadmap Strategy

Article: Will OCC charter make fintechs too big to fail?

Lalita Colozel writes for the American Banker: The Office of the Comptroller of the Currency’s fintech charter is fueling a debate over whether it might reduce systemic risk or could instead create a new generation of "too big to fail" institutions. As they await the agency’s response to public feedback on its decision to create … Continue reading Article: Will OCC charter make fintechs too big to fail?

Op-Ed: Fintech Doesn’t Need DC’s Help

From Ryan Gilbert in the American Banker: "During the Obama years, entrepreneurs received $25.2 billion in venture financing and launched 3,319 fintech companies, according to CB Insights data. They created jobs, enabled consumers’ economic advancement, aided small business growth and contributed to the overall U.S. economy. "Most notably, they did this all within the status … Continue reading Op-Ed: Fintech Doesn’t Need DC’s Help