This past year brought significant developments in the realm of fintech corporate structure and regulatory oversight. An increasing number of fintechs either acquired existing banks or applied for de novo bank charters in 2020, taking different tacks to do so.
The Conference of State Bank Supervisors has launched a nationwide program that will offer a single exam to payments firms, ensuring that they satisfy all state regulatory requirements.
A federal bank regulator’s plan to begin processing applications to provide charters to payments firms has drawn opposition from state bank supervisors.
The U.S. Office of the Comptroller of the Currency announced earlier this month that it would begin accepting applications for national bank charters from fintech companies, a move that will likely streamline the regulatory process for pioneers in the banking space.
The Office of the Comptroller of the Currency announced yesterday that it would begin accepting applications for national bank charters from fintech companies, a move that could streamline the regulatory process for innovators in the banking space.
