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Fintech Firms Get Chance to Apply for Banking License
- cm2012 10y agoInteresting opportunity for a bunch of them.
- dforrestwilson 10y agoSo they might actually have a level playing field now?
- btmerr 10y agoNot exactly. The proposed charters are limited compared to traditional bank charters, but it's a start.
- PretzelFisch 10y agoSo what will the Fintech firms gain from having a Banking license under this charter?
- shortimer 10y agoNew fintechs who want to move money have to obtain a Money Service Business license in every state where they operate. In almost all cases, that means they have to get 48ish MSB licenses (a state or two don't require them). Each one can be both complicated and expensive to obtain and maintain. This new license would let those fintechs instead obtain a single license (and set of rules, and costs, etc) for nationwide use.
- arca_vorago 10y agoHave a non-paywall source or copypasta?
- emmelaich 10y agoNo, but you could look at the Gov site "OCC Issues Draft Licensing Manual Supplement for Evaluating Charter Applications From Financial Technology Companies, Will Accept Comments Through April 14" https://www.occ.treas.gov/news-issuances/news-releases/2017/nr-occ-2017-31.html https://www.occ.treas.gov/news-issuances/news-releases/2017/...
- gfsadhfsd 10y agohttp://www.facebook.com/l.php?u=https://www.wsj.com/articles/fintech-firms-get-chance-to-apply-for-banking-license-1489599873?mod=e2tw http://www.facebook.com/l.php?u=https://www.wsj.com/articles...
- Johnie 10y agoThis is still early in the process. It will take some time before we know what the final regulation is. The comment period is between now and January of next year.
- grandalf 10y agoDoes this mean that fintech firms get taxpayer bailouts?
- 5706906c06c 10y agoInteresting, now they get to constantly get scrutinized by the OCC, which, by the way, is no fun. Those audits can end up being brutal.