CFPB Monitor

SEPTEMBER 5, 2018

announced they have been granted preliminary approval by the OCC of their application to form a de novo national bank, which they claim “put[s] Varo on track to become the first all-mobile national bank in the history of the United States.”. Rather than a SPNB charter, Varo is seeking a full-service national bank charter from the OCC.

National 68

National Fintech United States New York 68

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.

Fintech 101

Fintech FDIC New York National 101

PYMNTS

OCTOBER 23, 2020

Mastercard is marking National Women’s Small Business Month by furthering its support of the female-founded impact investment platform CNote with an infusion of $20 million, the company announced Friday (Oct. A partnership model also invites cross-pollination between FinTechs and the Mastercard matrix. .

New York City 271

New York City Community National New York 271

PYMNTS

FEBRUARY 11, 2020

Uber Money teams are also located in Palo Alto, Amsterdam, New York and San Francisco tech centers, Livemint reported. It will enable upcoming new worldwide improvements as well as features, with the inclusion of real-time earnings, among other features. percent business stake per news in January. of India (NPCI).

San Francisco 186

San Francisco Fintech Analytics New York 186

PYMNTS

JANUARY 26, 2021

In today’s top retail news, the U.S. Plus, a new Federal Reserve Bank of New York study finds that individuals anticipate that the economy will rebound by next year. division has filed for Chapter 11 bankruptcy in New Jersey. FinTech AutoFi Launches Division For Businesses That Offers Financing Services.

Retail 239

Retail US New Jersey New York 239

CFPB Monitor

APRIL 27, 2020

The OCC has filed its opening brief in its appeal to the Second Circuit from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.

Fintech 97

Fintech New York National Regulation 97

CFPB Monitor

DECEMBER 23, 2019

The OCC has appealed to the Second Circuit from the district court’s final judgment entered in October 2019 in the lawsuit filed by the New York Department of Financial Services seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. In September 2019, the D.C.

Fintech 88

Fintech New York National Conference 88

CFPB Monitor

JULY 29, 2020

The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies. .

Fintech 88

Fintech New York Regulation National 88

PYMNTS

APRIL 25, 2017

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

Fintech Ohio Florida Oregon 109

PYMNTS

MARCH 7, 2017

Speaking in front of the LendIt conference in New York yesterday (March 6), Comptroller of the Currency Thomas Murray told those assembled that the oversight body will go forward with plans to offer banking charters to fintech companies. That’s wrong. Nor is the OCC “somehow mixing banking and commerce,” says Murray.

Fintech 100

Fintech New York Conference National 100

CFPB Monitor

AUGUST 17, 2020

The OCC has filed its reply brief with the Second Circuit in its appeal from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.

Fintech 78

Fintech New York National Regulation 78

PYMNTS

APRIL 28, 2017

Good news emerged from the U.S. venture capital sphere this week: VC funding for FinTech startups in Q1 alone hit $1.2 billion, found a new report from KPMG. Financial Services FinTech Practice Co-Leader Anthony Rjeily in a statement. The company said it will also look to expand into new markets. In total, $97.7

Fintech 192

Fintech San Francisco Capital Software 192

CFPB Monitor

OCTOBER 25, 2019

In May 2019, a New York federal district court denied the OCC’s motion to dismiss a lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. As previously reported , last month the D.C.

New York 68

New York Fintech National Conference 68

PYMNTS

MAY 19, 2019

New York’s Department of Financial Services seized Municipal Credit Union , New York’s oldest credit union, on Friday (May 17), saying it is facing “unsafe and unsound” conditions. million worth of New York State Lottery tickets with the money he embezzled.

New York 181

New York Security Customer Experience Innovation 181

American Banker

OCTOBER 7, 2020

SaveBetter.com from Deposit Solutions lets consumers shop for different savings products through one portal and provides national exposure for participating banks, which include Ponce Bank in New York and Central Bank of Kansas City.

Kansas City 84

Kansas City Kansas New York Fintech 84

PYMNTS

FEBRUARY 8, 2019

Growth of FinTech funding seems unstoppable, with the latest analysis from Hampleton Partners finding enterprise financial services and integration, online financial services, enterprise financial software and Software-as-a-Service (SaaS) risk management as some of the hottest spots for investors this year.

Fintech 188

Fintech Capital New York City Analysis 188

CFPB Monitor

SEPTEMBER 13, 2018

On September 12th, the Conference of State Bank Supervisors (CSBS) announced that it would again pursue litigation in opposition to the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose national bank (SPNB) charter. On April 30, 2018, a D.C. On April 30, 2018, a D.C.

Fintech 60

Fintech New York National Conference 60

PYMNTS

JANUARY 12, 2021

Checkout.com, which was started in 2012, recently brought an office to New York City. The system was created over years through an effort involving the Bill & Melinda Gates Foundation and the State Bank of Pakistan, with help from the United Nations, the U.K. Pakistan Launches Payment System To Boost Financial Inclusion.

Detroit 135

Detroit New York City System Payments 135

PYMNTS

JULY 17, 2018

The movement toward linkups between traditional financial institutions (FI) and FinTech firms seems an inexorable one — in the cross-selling of corporate services into consumer bases that embrace individuals and, typically, small- to medium-sized businesses (SMBs). However, looking elsewhere beyond U.S.

Fintech 100

Fintech Regulation New York Management 100

PYMNTS

OCTOBER 26, 2018

More legal troubles have emerged for the Office of the Comptroller of the Currency (OCC) over its plan to introduce national bank charters for FinTechs, aimed at making it easier for alternative financial services players to do business. Reports in Reuters on Thursday (Oct.

District of Columbia 156

District of Columbia National Fintech New York 156

CFPB Monitor

JANUARY 9, 2019

federal district court in October 2018 by the Conference of State Bank Supervisors (CSBS) to stop the OCC from issuing special purpose national bank (SPNB) charters to fintech companies. Nothing in the NBA identifies deposit-taking as an indispensable function for a national bank to be engaged in the “business of banking.”.

Fintech 60

Fintech Regulation New York National 60

PYMNTS

JUNE 17, 2019

The dispute over the Office of the Comptroller of the Currency ‘s (OCC’s) national bank charter, which became available to FinTech firms last year, has reportedly caused technology conglomerates to shy away from a tool that aims to provide nonbank firms with a more streamlined way to operate on a national level.

Google 142

Google National Fintech Regulation 142

CFPB Monitor

MAY 6, 2019

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.

Fintech 68

Fintech New York National Regulation 68

CFPB Monitor

MAY 16, 2019

In doing so, the court found that the term “business of banking” as used in the National Bank Act “unambiguously requires receiving deposits as an aspect of the business.”. For the reasons we discussed in our blog post, we commented that the court’s conclusion struck us as incorrect and outcome-oriented.

Fintech 68

Fintech New York National Conference 68

CFPB Monitor

FEBRUARY 28, 2019

As expected, the OCC filed a motion to dismiss the second lawsuit filed by the New York Department of Financial Services (DFS) in a New York federal district court to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies.

Fintech 68

Fintech New York National Conference 68

CFPB Monitor

JANUARY 31, 2022

The New York Senate has confirmed Governor Hochul’s nomination of Adrienne Harris to serve as Superintendent of the state’s Department of Financial Services. Harris joined The White House, where she was appointed as Special Assistant to the President for Economic Policy, as part of the National Economic Council.

Washington 78

Washington New York Policies National 78

Payments Source

MARCH 6, 2016

Atlanta is flush with payment processors that handle more than 70% of the nation's transactions. These players now plan to expand their reach even further, hoping to make the southern city a fintech hub to rival Silicon Valley and New York.

Atlanta 60

Atlanta Fintech New York National 60

CFPB Monitor

JANUARY 8, 2019

New York Governor Andrew Cuomo has nominated Linda Lacewell to become Superintendent of the state’s Department of Financial Services. Attorney for the Eastern District of New York. Lacewell might take a more friendly view of fintech because of her prior involvement with OpenNY, an open data initiative.

New York 60

New York California Fintech National 60

PYMNTS

AUGUST 20, 2018

FinTech Firms Eye Bank Charters. And in the wake of the announcement late last month that FinTechs will be able to apply for banking licenses with the Office of the Comptroller of the Currency, caution abounds. As many as 85 percent of firms are boosting budgets over the previous year’s, tied to data privacy and compliance.

Fintech 101

Fintech Survey Regulation Resources 101

PYMNTS

JULY 3, 2020

People’s United Bank Senior Vice President of Treasury Management Cris Sigovitch told PYMNTS that while access to payables FinTech solutions is important, perhaps even more essential is access to a trusted partner that can guide firms toward a resilient and future-proof AP department. ” Offering the Right Tools.

Regional 214

Regional New Hampshire Tools Vermont 214

CFPB Monitor

JUNE 3, 2019

In doing so, the court found that the term “business of banking” as used in the National Bank Act “unambiguously requires receiving deposits as an aspect of the business.”. The court had previously granted a request from the OCC for an extension of the date it must answer or otherwise move with respect to the complaint until May 30, 2019.

Fintech 60

Fintech Conference New York National 60

CFPB Monitor

MAY 16, 2019

As a result, it would not provide an alternative for fintech companies that are considering filing an application with the OCC for a special purpose national bank (SPNB) charter or for an industrial bank charter in a state such as Utah, that permits such charters.

Utah 68

Utah Fintech New York National 68

CFPB Monitor

DECEMBER 20, 2018

Maria Vullo, the current Superintendent of the New York Department of Financial Services, has announced that she will leave DFS on February 1, 2019. Vullo, who has served as Superintendent since 2016, has been an aggressive regulator. Also in September, Ms.

New York 60

New York National Regulation Fintech 60

CFPB Monitor

JANUARY 5, 2021

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.

Conference 78

Conference Technology District of Columbia FDIC 78

CFPB Monitor

MARCH 21, 2019

The New York Department of Financial Services has filed a memorandum of law opposing the OCC’s motion to dismiss the NYDFS’s second lawsuit seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. section 5.20(e)(1))

Fintech 68

Fintech National Regulation New York 68

PYMNTS

AUGUST 16, 2019

15) that it will launch regional commercial banking operations in New York and Los Angeles in an effort to grow its corporate client base and connect existing business customers in the markets with its senior banking professionals. The bank announced Thursday (Aug. and offer clients FDIC-insured accounts.

Los Angeles 101

Los Angeles New York FDIC Lending 101

CFPB Monitor

SEPTEMBER 5, 2019

federal district court has granted the OCC’s motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) to block the OCC from issuing special purpose national bank (SPNB) charters to fintech companies. In addition, the court pointed to the OCC’s agreement to notify the court and CSBS of a filing.

Regulation 60

Regulation Fintech Conference National 60