The move to a remote work model is a long-term, technology-driven transformation, which was well underway prior to the pandemic and will continue long after the pandemic, Matthew VanFossen and Taylor Stork, members of the Community Home Lenders Association, argue.
Weekly Fintech Focus
FDIC issues an updated brokered deposit rule, creating new exceptions relevant to fintechs working with bank partners.
FDIC issues a final rule clarifying its expectations for ILC charter applications.
CFPB issues an advisory opinion on Special Purpose Credit Programs to clarify how creditors can offer these programs to disadvantaged groups.
CFPB grants access to its compliance assistance sandbox to an earned wage access company, which meets the CFPB’s recent guidance on such programs.
PayPal wins the first round in its efforts to throw out aspects of the CFPB’s prepaid rule, resulting in a court throwing out certain mandatory disclosures and the 30-day waiting period for digital wallets.
The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job.
A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau and not the Office of the Comptroller of the Currency to issue federal charters to fintech companies.
News, Vision & Voice for the Advisory Community
The Redwood City robo-advisor s addition of two renowned former chief banking regulators brings legitimacy and guidance that could lead to a margin-fattening bank charter and help solve the robo-advisor s problem of high client acquisition costs.
December 31, 2020 4:37 AM by Oisin Breen
Brooke s Note: Maybe someday we ll talk about Wealthfront as a great bank that got off to two false starts. First, it was founded in 2008 as KaChing with RIAs built in. See: Can Silicon Valley rewire the RIA business? eBay investors think KaChing is the answer. Then, a few years later, it relaunched as Wealthfront to do what we know as robo-advising to tread water for a decade. Finally, founders realized they d been overthinking the model all along and threw in with pop-up web banks in February of 2019. They got as many bank assets in a few months as they had gathered in the previous few years in wealth management. See: Wealthfront adds stag