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Conference of State Bank Supervisors Targets OCC Chartering Authority of Fintechs in Lawsuit, Points Finger at Figure Technologies
The
Office of the Comptroller of the Currency (OCC), as well as Acting Comptroller
Brian Brooks, regarding the agency’s ability to issue federal bank charters to Fintechs. The complaint mentions
Figure Technologies, a blockchain-based Fintech in the lending sector, specifically.
The CSBS is the national organization representing bank regulators from all 50 states.
John W. Ryan, CEO and President of the CSBS, issued the following statement on the lawsuit:
“Figure is essentially the first applicant for the OCC’s Fintech charter. Its plan to become a national bank without obtaining deposit insurance is an illegitimate attempt to evade the controversy surrounding the fintech charter and the federal court decision that invalidated it. If the OCC is allowed to create a special purpose nonbank charter, it would redefine our entire banking
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Louisiana Governor s Office issued the following announcement on Dec. 11.
Gov. John Bel Edwards today congratulated John Ducrest, the former Commissioner of the Office of Financial Institutions on his retirement after 35 years of service to the state, at the start of December. Deputy Commissioner Christine Kirkland will serve as the acting commissioner.
“After 35 years of service with the Office of Financial Institutions, including sixteen as its commissioner, and having served under three governors, John Ducrest is deserving of a relaxing retirement,” Gov. Edwards said. “I appreciate his commitment to the financial institutions of Louisiana and the wealth of knowledge and experience he brought to the post, which the office will certainly miss. I also appreciate Deputy Commissioner Kirkland bringing her ten years of experience with the office to her role as acting commissioner.”
TAKEAWAYS
A closely divided Congress will limit financial services legislation but Biden appointees in key regulatory positions will have a large impact on the financial services policy agenda.
The Biden administration is likely to support fintech companies that are developing innovative financial products and services while increasing focus on consumer protection regulatory and enforcement priorities.
Although financial services regulation did not receive significant attention during the 2020 election campaign, President-elect Biden could have a significant impact on policies affecting financial institutions across the landscape. During the campaign, President-elect Biden supported proposals to expand access to banking services and financial products to the underserved and address disparate access to and treatment by the financial system.