The OCC announced this week that it has conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in...more
The Conference of State Bank Supervisors (CSBS) has filed a lawsuit in D.C. federal district court to block the OCC from granting a national bank charter to Figure Technologies Inc. According to the complaint, Figure,...more
On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., a wholly-owned subsidiary of fintech Varo Money, Inc. The approved application is for a...more
As we reported, Acting Comptroller of the Currency Brian Brooks has previewed the OCC’s plans to introduce another special purpose national bank charter that would give payment companies a nationwide servicing platform and...more
8/5/2020
/ Bank Holding Company Act ,
Banking Sector ,
Federal Bank Regulatory Agencies ,
Federal v State Law Application ,
Financial Services Industry ,
FinTech ,
Money Transmitter ,
National Bank Charters ,
OCC ,
Preemption ,
Special Purpose National Bank Charter
In a recent interview (her first since being sworn in as Chair of the Federal Deposit Insurance Corporation), Jelena McWilliams provided insight into the FDIC’s likely regulatory agenda....more
8/14/2018
/ Capital Requirements ,
Community Reinvestment Act ,
Consumer Financial Products ,
Deposit Insurance ,
FDIC ,
Global Systemically Important Banks (G-SIBs) ,
Loans ,
National Bank Charters ,
Regulatory Agenda ,
Regulatory Burden ,
Regulatory Oversight ,
Volcker Rule
The Office of the Comptroller of the Currency’s (OCC) announcement this week that it will begin accepting applications for special purpose national bank (SPNB) charters from financial technology (Fintech) companies represents...more
8/3/2018
/ Capital Requirements ,
FDIA ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
National Bank Charters ,
OCC ,
Policy Statement ,
Preemption ,
Regulatory Requirements ,
Special Purpose National Bank Charter