According to Beth Knickerbocker, the OCC’s Chief Innovation Officer, the pilot program for banks to test innovative products will be...
The OCC is looking for feedback on whether to launch a program for banks and vendors to test new financial...
Regulators and fintech leaders gathered in Washington DC yesterday to discuss the fintech chartering process and some of the biggest challenges...
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The OCC Fintech Charter was formally proposed back in December 2016. Along with many other organizations we responded to their...
The case put forward by the Conference of State Bank Supervisors which challenged the OCC’s fintech charter has been dismissed...
Yesterday, a New York federal judge ruled that the New York Department of Financial Services (NYDFS) could proceed with two...
In news of cross-selling financial products across categories, roboadvisor Wealthfront has gathered a nifty $1 billion of deposit assets for its 2.29% interest-yielding non-bank cash account. Given that the firm has a little over $10 billion in managed investment assets, charges somewhere between 0 and 25 bps on those assets, and took years of wiggly pivoting to get to the current stage, it is fair to consider this influx a big win in terms of client traction. It is also $22 million of annual interest payments. A couple of things come to mind that are worth pulling apart.
Otting said Wednesday to reporters that no firms considering the OCC Fintech Charter have mentioned concerns about the Fed standing...
The Office of the Comptroller of the Currency (OCC), a national bank regulator, said yesterday that it encourages financial firms...
Leaders at the Federal Reserve, the OCC and the CFPB spoke at the Consumer Bankers Association annual conference about the need to be more flexible when applying oversight to bank & fintech partnerships; “We need to do a better job of educating our supervision staff, in some cases, in terms of interpretation of the guidance,” said Dan Quan, who leads the CFPB’s Project Catalyst, as reported by American Banker; they also talked about better coordination to ensure consistency in oversight. Source.