In September, Comptroller of the Currency Thomas Curry discussed his proposal for fintech regulation which he said would likely include a fintech charter; on Friday, Thomas Curry is expected to announce his plans for the fintech charter; potential provisions to be included with the fintech charter announcement include receivership powers which would provide support from the government if capital funding fails. Source
Thomas Curry, Comptroller of the Currency, gave more insight on the Office of the Comptroller of the Currency's (OCC) plans for fintech regulation at a banking and innovation conference in London; Curry reported that regulation would be consistent with current banking standards, noting in his comments that, "if the OCC decides to grant a national charter in this area, the institution will be held to the same high standards of safety, soundness and fairness that other federally chartered institutions must meet"; the OCC is continuing with its plans for an Innovation Office and Curry said he would be releasing a white paper on fintech innovation. Source
[Editor’s note: This is a guest post from Alex Cooper, Founder and CEO of Rezzcard. Alex is a fintech innovator and social impact...
PeerIQ's weekly newsletter provides insight from a week in Washington, D.C. beginning with the SEC's Fintech Forum on Monday, November 14; Ram Ahluwalia participated as a panelist providing an industry perspective on the "Capital Formation" panel; newsletter also provides details on potential terms from the OCC in their fintech charter and highlights three bills affecting fintech; PeerIQ also discusses the effect of capital and liquidity rules on asset-backed securities from banks. Source
The Office of the Comptroller of the Currency (OCC) has announced it will create an Innovation Office with staff in Washington, New York and San Francisco; the new Innovation Office is part of a broader framework for responsible innovation also released this week; the Innovation Office will provide a dedicated staff of government officials focused on innovation affecting federally chartered banks and the banking system; it will also seek to manage the OCC's framework for responsible innovation for banks and nonbanks. Source
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