PYMNTS
MARCH 18, 2020
The Federal Deposit Insurance Corporation ( FDIC ) is setting new regulations for FinTechs and industrial banks that will enhance transparency and establish record-keeping requirements, the agency said on Tuesday (March 17). In 1987, parent banks were allowed to bypass FDIC oversight and regulations. .
PYMNTS
JUNE 10, 2019
Its new FinTech team could ultimately have more than 100 workers. Uber is taking advantage of New York’s talent pool in the financial department, which has more depth in the San Francisco sector. Many FinTech outfits use a small group of institutions like Celtic Bank or Cross River for banking products.
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PYMNTS
OCTOBER 24, 2019
Lights out for the FinTech charter idea? The Office of the Comptroller of the Currency (OCC) debuted a special purpose charter in 2016 that would have given FinTechs a leg up on competing with traditional financial services companies. District Court for the Southern District of New York ruled Monday (Oct.
CFPB Monitor
JUNE 29, 2020
The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. The FDIC’s Notice of Proposed Rulemaking (“NPR”) was published the same week as an OCC proposed rule intended to address the same issue for national banks under Section 85. Midland Funding decision. to 1:00 p.m.
BankInovation
JULY 17, 2020
Fintechs looking to expand beyond their Bay Area or New York City headquarters have welcomed an unlikely visitor in recent years: Utah Gov. Gary Herbert. “The The governor is a great salesperson,” said Val Hale, executive director for the Utah Governor’s Office of Economic Development.
PYMNTS
JULY 15, 2020
European FinTech Revolut, which recently debuted in the U.S. said Revolut is its first customer for its new product, the Paxos Crypto Brokerage. debut in March, teaming up with Metropolitan Commercial Bank to offer FDIC -insured accounts that can be opened and accessed through smartphones. Revolut made its U.S.
PYMNTS
AUGUST 16, 2019
Axos Bank parent company Axos Financial has rolled out out commercial banking operations across new markets in the U.S., and offer clients FDIC-insured accounts. It was the latest example of the bank-FinTech collaboration trend expanding across borders to help FinTechs enter new geographic markets and comply with local regulations.
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