News & Analysis as of

Regulatory Oversight FinTech Banking Sector

A&O Shearman

New draft of Polish markets in crypto-assets act – evolution or revolution in the legislative process?

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Although the Regulation of the European Parliament and of the Council (EU) 2023/1114 of 31 May 2023 on crypto-assets markets (the MiCAR) was published in June 2023, the work on laws implementing it in Poland is still in...more

Sheppard Mullin Richter & Hampton LLP

Fed Brings Enforcement Action Against Wyoming Bank Holding Company Over “Fintech Business Strategy”

On March 28, the Federal Reserve (Fed) issued a cease-and-desist order to a Wyoming-based bank holding company, citing deficiencies identified in a September 2023 inspection related to its “fintech business strategy, board...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Orrick, Herrington & Sutcliffe LLP

OCC establishes Office of Financial Technology

On March 30, the OCC announced the establishment of the Office of Financial Technology, and selected Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer beginning April 10...more

American Conference Institute (ACI)

[Event] 7th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems - April 18th - 19th, New York, NY

Join American Conference Institute at the 7th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems on April 18-19, 2023, in New York! Gain key insights into the hurdles arising amid...more

Cadwalader, Wickersham & Taft LLP

The Development of a Bank Regulatory Framework for Fintech and Digital Assets: Reviewing U.S. Prudential Regulators’ Recent...

I.  Introduction - As we note in our companion memorandum, the Office of the Comptroller of the Currency (“OCC”) continues along its cautious course of allowing fintech and digital asset firms into the so-called...more

Sheppard Mullin Richter & Hampton LLP

Modernize the Bank Regulatory Perimeter on Bank-Fintech Partnerships

Building on his remarks to the Blockchain Association and the American Fintech Council earlier this month, the Acting Comptroller of the Currency, Michael J. Hsu, issued a statement on November 16 before the Federal Reserve...more

Clark Hill PLC

Credit Eco to Go Podcast: Creating a Voice for Fintechs

Clark Hill PLC on

Congress, the states, and regulators have been scratching their heads for years when it comes to fintechs. Balancing consumer protection around innovation has been the source of contentious debate. Podcast host Joann...more

Perkins Coie

Fintech Week in Review - May 2021

Perkins Coie on

Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services - The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed’s Regional Banks to use when...more

Bradley Arant Boult Cummings LLP

Chambers Global Practice Guide: Fintech 2021 Trends and Developments

Crisis has set the stage for fintech companies in 2021, creating both new opportunities and potentially unprecedented challenges to innovation. While the coronavirus pandemic continues to accelerate the digital transformation...more

Ballard Spahr LLP

OCC announces national banks and federal savings associations can provide custody services for crypto assets

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The OCC issued a letter last week stating that “a national bank [and a federal savings association] may provide . . . cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys...more

White & Case LLP

The French and New York Financial Regulators Partner to Boost Cross-Border Fintech Cooperation

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The New York Department of Financial Services ("NYDFS") and the French Autorité de Contrôle Prudentiel et de Résolution ("ACPR") signed a Memorandum of Understanding ("MOU") to position New York and France as innovation hubs...more

Jones Day

Facilitating Transatlantic Fintech Innovation and Cooperation: The New MOU Between the NYSDFS and the French ACPR

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The Situation: From both sides of the Atlantic, United States and French financial authorities are keen to facilitate technology innovations in the financial sector. Beyond having set up dedicated teams to focus on the...more

Hinshaw & Culbertson - Consumer Crossroads

New York DFS Launches "FastForward" Program Aimed at Driving Innovative Financial Services and Products

In support of re-opening and adapting New York to the new economic and social normal caused by COVID-19, New York’s Department of Financial Services (DFS) announced the launch of a program called “DFS FastForward” which will...more

Latham & Watkins LLP

The Systemic Importance of Cloud-Based Service Providers to Banks

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US lawmakers urge FSOC to designate cloud-based storage systems used by major banks as systemically important financial market utilities. In an August 22, 2019, letter addressed to Treasury Secretary Steven Mnuchin, in his...more

Jones Day

NY DFS Doubles Down on FinTech, Consumer Protection, and Cryptocurrency Regulation - The New York State Department of Financial...

Jones Day on

Consistent with New York's status as a financial services and technology hub, the New York State Department of Financial Services (the "NY DFS") announced on July 23, 2019 a new Research and Innovation Division (the...more

White & Case LLP

EU Banking Authority reports on FinTech banking and payments licensing regimes across Europe

White & Case LLP on

On 18 July 2019 the European Banking Authority (EBA) published a report on the EU regulatory perimeter, national regulatory status and EU national regulators' (NCAs') authorisation approaches for FinTech firms conducting...more

Katten Muchin Rosenman LLP

Bridging the Week - May 2019

The New York Department of Financial Services was told by a federal court in New York that it could proceed with its lawsuit challenging plans of the Office of the Comptroller of the Currency to accept and consider...more

Wilson Sonsini Goodrich & Rosati

Regulatory Landscape for Fintech, Electronic Commerce, and Electronic Banking: Part One

Part 1: Electronic Commerce - This is the first part of a two-part article discussing the regulatory landscape for financial technology as applied to electronic commerce and electronic banking. This article focuses on...more

Hogan Lovells

Aftech releases code of conduct

Hogan Lovells on

The Indonesian FinTech Association (Aftech) recently published a code of conduct providing guidance on ethical and responsible behavior (the code) for peer-to-peer financial technology (fintech) lending platforms that are...more

Ballard Spahr LLP

Fintech bank announces preliminary OCC approval of national bank charter

Ballard Spahr LLP on

In a press release, the organizers of Varo Bank, N.A. announced they have been granted preliminary approval by the OCC of their application to form a de novo national bank, which they claim “put[s] Varo on track to become the...more

Stinson LLP

OCC Now Accepting Charter Applications for Fintech Companies

Stinson LLP on

On July 31, 2018 the Office of the Comptroller of the Currency (OCC) announced that, effective immediately, it is now accepting national bank charter applications from nondepository financial technology (fintech) companies...more

Bradley Arant Boult Cummings LLP

OCC: Fintechs May Now Apply for Bank Charters

The Office of the Comptroller of the Currency announced, in a highly anticipated decision, that it would begin to consider special-purpose charter applications from fintech entities. This move, which has been the subject of...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court - Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court. ...more

Ballard Spahr LLP

House Financial Services Committee to hold Jan. 30 hearing on fintech marketplace

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On January 30, 2018 at 10 a.m., the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee will hold a hearing, “Examining Opportunities and Challenges in the Financial Technology...more

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