Industrial bank charters continue to gain momentum with approval of Square’s charter; payments and tech companies have become interested in industrial banks lately since the FDIC started approving them after a moratorium from...more
On March 9, a three-judge panel of the Second Circuit heard oral argument on the question of whether the OCC can legally issue national bank charters to non-depository financial technology (fintech) firms. The case is...more
3/16/2021
/ Appeals ,
Banking Sector ,
CSBS ,
Dismissals ,
FinTech ,
Fintech Charter ,
National Bank Act ,
Nonbank Firms ,
NYDFS ,
OCC ,
Oral Argument ,
Preemption ,
Regulatory Authority ,
Standing
The Board of Governors of the US Federal Reserve announced in August 2019 that it will develop a new 24x7x365 real time gross settlement (RTGS) system called FedNow. The new system will allow near-instant settlement of...more
On March 17, 2020, the Federal Deposit Insurance Corporation (FDIC) approved Square Financial Services, Inc.’s (Square Financial) and Nelnet Bank’s applications for deposit insurance, subject to several conditions. The FDIC...more
On October 23, the District Court for the Southern District of New York (SDNY) issued a final judgment setting aside in relevant part the regulation on which the Office of the Comptroller of the Currency (OCC) based its...more
The Office of the Comptroller of the Currency (OCC) is considering allowing financial technology (fintech) companies to be chartered as special-purpose national banks. Although the planning is still at a preliminary stage,...more