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Bump On The Road To National FinTech Charters?

PYMNTS

The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. The national licenses would let FinTechs lend money and paychecks to consumers. In the U.K.,

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Today In Payments Around The World: Visa Debuts Europe FinTech Partnership Program; Payments Canada Teams With Mastercard’s Vocalink 

PYMNTS

Visa Unveils FinTech Partnership Program In Europe. FinTech Partner Connect will “support new ways for businesses and consumers to seamlessly and securely pay, get paid, send money and more,” according to a representative for the company in an email announcing the effort. Plus, Railsbank has closed a $37 million funding deal.

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NY federal district court deals blow to OCC fintech charter

CFPB Monitor

In doing so, the court found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving deposits as an aspect of the business.”. National Resources Defense Council, Inc. The court’s textual analysis started with a review of the powers of national banks under the NBA.

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Scale Matters … But Smart Matters More

Gonzobanker

At Cornerstone, we wave the flag not for being a scaled bank but becoming a Smarter Bank —a dynamic organization that puts a traditional bank, a fintech and a top-talent workplace in a blender and comes out with a modern organization that is differentiated, hyper-efficient, nimble, data-driven and opportunistic.

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Banks Should Make 2024 a True ‘Year of Digital’

Gonzobanker

Faced with competition from national banks, challenger banks and fintechs, financial institutions are working to take a portion of matters into their own hands, bringing in strong digital product management, user experience, development and integration capabilities. This is an area where speed-to-market competition will be important.

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Conference of State Bank Supervisors files new lawsuit to block OCC approval of Figure Technologies charter application

CFPB Monitor

federal district court to block the OCC from granting a national bank charter to Figure Technologies Inc. federal district court challenging the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies. The Conference of State Bank Supervisors (CSBS) has filed a lawsuit in D.C.

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Fintech Shouldn't Have EZ Pass into Banking

American Banker

Regulators and lawmakers must exercise healthy caution before granting fintech firms preemptive powers via national bank charters or otherwise.

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