Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Tag Archives: FinTech

New CFPB Proposal to Overhaul Existing No-Action Letter Policy and Create a Federal Regulatory Sandbox

Posted in Regulatory and Compliance
FinTech appears to be the next industry set to benefit from the Trump administration’s ongoing deregulatory push. The Bureau of Consumer Financial Protection’s (“Bureau”) long-gestating update to the Obama era no-action letter policy was announced as one of the final acts of outgoing Acting Director Mick Mulvaney. Though no-action letter po… Read the rest

DWT’s Project W Hosts FinTech Women Event: FI Perspective on the FinTech Ecosystem

Posted in Deals and Technology
On November 6, 2018, DWT’s Project W hosted the third FinTech Women event of the year, featuring a panel discussion titled “State of the FinTech Ecosystem: the FI Perspective.” The panelists represented a wide cross-section of financial institutions engaged in the FinTech ecosystem, including a large national bank, a growing commu… Read the rest

Arizona Attorney General Launches Regulatory Sandbox Program for Fintech Companies

Posted in Deals and Technology, Regulatory and Compliance
The financial technology company seeking to launch an innovative financial product or financial service—and in need of a group of consumers to test whether the idea even works—might consider working in Arizona’s FinTech Sandbox. The Arizona Attorney General, Mark Brnovich, has established the state’s Regulatory Sandbox Program (“Sand… Read the rest

Update on the OCC’s Initiative for the Special Purpose National Bank Charter

Posted in OCC Fintech Charter
Nineteen months have passed since the Office of the Comptroller of the Currency launched its initiative for fintech companies, specifically asserting the OCC’s authority under the National Bank Act to grant a “special purpose national bank charter.”  In his testimony before Congress last month, the Comptroller of the Currency, Joseph Ottin… Read the rest

Insight on Third Party Risk Management

Posted in Resource Database
In a recent interview, as part of Venminder’s Thought Leadership Series, DWT payments team member and FinTech team co-leader, Andy Lorentz, sat down with Venminder Chief Risk Officer Branan Cooper to discuss a number of important aspects of managing third-party risk, including balancing commercial opportunities with compliance initiatives, cybe… Read the rest

DWT’s Project W Hosts Second FemTech Leaders Event of 2018

Posted in Deals and Technology
On April 19, DWT’s Project W hosted a FemTech Leaders panel discussion titled “Fundraising Demystified: Understanding the Challenges Faced by Female Founders and How to Surmount Them.” While we kicked off the year with our first event discussing “The Incubator/Accelerator Experience: How to Get Selected and How to Make the Most of the Experien… Read the rest

Fintech Sandboxes – Update on State Approaches

Posted in Deals and Technology, Regulatory and Compliance
Arizona’s Fintech Sandbox Last month Arizona became the first U.S. state to enact a law allowing for the establishment of a fintech regulatory sandbox program (H.B. 2434) to facilitate the growth of innovative financial products and services. The Arizona law charges the Attorney General to “establish a regulatory sandbox program” which would, i… Read the rest

Consumer Financial Data Aggregation & the Potential for Regulatory Intervention

Posted in Regulatory and Compliance
I. Introduction A confluence of regulatory activity and policy debates seem to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how financial data may be shared by financial institutions, controlled by third-party data aggregators, and used… Read the rest

FRB Governor Indicates Data Aggregators Could Impact Bank Safety & Soundness as Part of the “Fintech Stack”

Posted in Regulatory and Compliance
In a recent speech at the Northwestern Kellogg Public-Private Interface Conference, Federal Reserve Board Governor Lael Brainard indicated that the relationships between banks and data aggregators within the “fintech stack” may present safety and soundness concerns that warrant oversight by the FRB (and perhaps other prudential regulators).… Read the rest

OCC Issues Draft Fintech Supplement to OCC Licensing Manual

Posted in OCC Fintech Charter
On March 15, 2017, the Office of the Comptroller of the Currency issued a “Draft Supplement” to the Comptroller’s Licensing Manual, entitled “Evaluating Charter Applications from Financial Technology Companies” (Supplement).  The OCC’s Supplement is designed to provide substantive standards and procedures for the OCC’s evaluati… Read the rest

Developments on the OCC’s Initiative for Fintech Companies

Posted in OCC Fintech Charter
Since Comptroller of the Currency Thomas J. Curry announced last December that the OCC will move forward to consider granting special purpose national bank charters to financial technology companies—under the OCC’s existing authorities—the banking industry has grappled with the various dimensions of the agency’s “responsible innovati… Read the rest

OCC to Consider Special Charter Applications for Fintech Companies

Posted in OCC Fintech Charter
On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the OCC will move forward with considering granting federal charters—under the OCC’s existing authorities—to financial technology companies.  Comptroller Curry’s action is the latest, clearly most substantial, step forward in administering the “respon… Read the rest

Federal Trade Commission Hosts Crowdfunding & Peer-to-Peer Payments Forum

Posted in Financial Services Litigation and Enforcement
On October 26, 2016, the Financial Trade Commission hosted a forum on Crowdfunding and Peer-to-Peer Payments, in Washington, D.C., the latest in the Commission’s FinTech Forums Series. The forum included two panels: (1) Peer-to-Peer Payments – Their Emergence and Path Ahead and (2) Crowdfunding – Benefits and Risks for Consumers. The panels fea… Read the rest