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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.”. The OCC also argued that the NYDFS’s claims were untimely because it can no longer challenge the OCC’s long-standing regulation (12 C.F.R.

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OCC files to motion to dismiss CSBS lawsuit seeking to block OCC approval of Figure Technologies charter application

CFPB Monitor

federal district court seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. The lawsuit represents CSBS’s third challenge to the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies. 7.4007, 7.4008, 34.4)

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Scale Matters … But Smart Matters More

Gonzobanker

It’s very hard for regulated banks and credit unions to gain any meaningful efficiencies under $1 billion in assets. An exercise Cornerstone likes to conduct: Take a look at the top 20% of the bank’s headcount and review comp and bonus in descending order. It appears nothing else matters but the urgency to get big and get there fast.

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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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