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FinTech Could Be Hurt By Fight Between OCC And States

PYMNTS

The FinTech industry’s future could depend on the outcome of a fight between the Office of the Comptroller of the Currency (OCC) and states, according to a report in TechCrunch. The charter is optional for FinTechs and is aimed at providing a stamp of approval by the OCC for having good compliance practices.

Fintech 109
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OCC fintech charter sparks opposition from Senate Dems

Payments Source

Sherrod Brown, D-Ohio, and Jeff Merkley, D-Ore., registered their strong opposition to the concept of the charter, which would allow certain types of fintech companies to avoid state licensing requirements by obtaining a limited-purpose national bank charter. In a letter Monday to Comptroller Thomas Curry, Sens.

Fintech 60
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The ICBA 22/23 executive committee is all in

Independent Banker

“I’m so inspired by the professionalism, integrity and commitment of our executive committee and board of directors as we work together to serve the needs of community bankers across the nation,” says Terry Jorde, ICBA senior executive vice president and chief of staff. Coldwater, Ohio. Chairman Brad M. Grand Rapids, Minn.;

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OCC Fintech Charter Sparks Opposition from Senate Dems

American Banker

Sherrod Brown, D-Ohio, and Jeff Merkley, D-Ore., registered their strong opposition to the concept of the charter, which would allow certain types of fintech companies to avoid state licensing requirements by obtaining a limited-purpose national bank charter. In a letter Monday to Comptroller Thomas Curry, Sens.

Ohio 28
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California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank

CFPB Monitor

The DBO indicated that it “is investigating whether LoanMart’s role in the arrangement is so extensive as to require compliance with California’s lending laws. According to the DBO’s press release, until the FACA became effective, LoanMart was making state-licensed auto title loans at rates above 100 percent.

Utah 78
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FinDEVr APIntelligence

Fintech Labs Insights

Top 3 Things to Know about Fintech Climate Change. Online Lending Innovator SoFi Launches Robo Advisor. Ohio-based First National Bank of Pandora chooses core account processing platform from Fiserv. Stay current on daily news from the fintech developer community! Streamdata.io CEO, Eric Horesnyi.

Ohio 17
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Who were ICBA’s Top Lenders of 2022?

Independent Banker

Here, we highlight some of last year’s most successful loan producers in the areas of agriculture, commercial and consumer/mortgage lending. The score combines the average of the bank’s percentile rank for lending concentration and for loan growth over the past year in each lending category. By Ed Avis. Methodology. AGRICULTURE.