Turns out, not everyone is happy about the OCC’s decision to grant banking licenses to (suitable) fintechs. The New York State Department of Financial Services submitted a formal comment letter to the OCC today, saying that the latter, frankly, isn’t going to do the job of regulating fintechs — and isn’tRead More
Post Tagged with: "OCC"
The Office of the Comptroller of the Currency has made its decision; it is now “up to the fintechs” to gather and submit applications for a banking license, an OCC spokesman told Bank Innovation. In his announcement Friday, Thomas Curry, Comptroller of the Currency said that the OCC will begin “considering” applicationsRead More
A trifling blogger on banking innovation writes to the Office of the Comptroller of the Currency, despite its historically apathetic view on such matters.
The Office of the Comptroller of the Currency announced yesterday that it was turning to — brace yourself — Lending Club for guidance on “responsible innovation.” Lending Club disclosed yesterday that it was subpoenaed by the Department of Justice. On June 23, the OCC will hold a forum entitled, “Supporting ResponsibleRead More
Risk managers might want to add a little “Irish” to their coffee this morning. The Office of the Comptroller of the Currency issued new guidance for banks’ third-party relationships today, citing concerns about the growing complexity of financial institutions’ relationships with vendors. “We have concerns regarding the quality of riskRead More
How will a government shutdown affect the regulatory bodies that cover banking? It seems that since the agencies’s funding is not predicated by Congress, so they won’t be directly affected. At the Federal Deposit Insurance Corp., for example. it will be business as usual. “As a non-appropriated agency, we anticipateRead More
It’s not just Edward Snowden who is getting classified intelligence. Thomas J. Curry, the Comptroller of the Currency, today disclosed that some bankers, vendors and regulators for the first time are getting “classified briefings” on cybersecurity. Curry broke the news today during a speech on cybersecurity and banking before the ExchequerRead More
No one should be surprised that regulatory compliance concerns cast a long shadow over FinTech startups. What is surprising, however, is just how much longer is that shadow today. If you want to create a FinTech startup today, you are advised to start your strategic thinking with a review ofRead More