New Banking Charters for US Fintech Startups Coming
Regulators are planning for new banking licenses for fintech startups across the U.S., said Comptroller of the Currency, Thomas J. Curry last week. The measure will affect startups dealing with lending, virtual currency payments, and deposits. National Charters for Responsible Innovators. The Office of the Comptroller of the Currency (OCC) is a federal....
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The new Acting Comptroller of the Currency, Michael Hsu, has requested a review of the cryptocurrency standards established by the top U.S. banking regulator. He is also urged to “reassess any conditional national trust charters and halt the approval of any additional charters to nonbank entities” during the review. Top Banking Regulator Reviewing Crypto Policy Michael Hsu, the new administrator of the federal banking system and chief executive officer of the Office of the Comptroller of the Currency (OCC) has requested a review of the regulator standards for cryptocurrencies.....
A leading Indian bank, Yes Bank has announced the launch of its new Yes Fintech accelerator for startups working on blockchain and financial technology space. Yes Bank, a progressive Indian bank has partnered with leading names in the country’s startup ecosystem to launch a fintech and business accelerator. The accelerator program, Yes Fintech is powered by T-Hub startup engine, Anthill Ventures, and LetsTalkPayments. The 15-week program is distributed among two facilities, one in Mumbai and another in Hyderabad. Designed for banking and fintech startups, the key focus areas of the program....
A new report from PwC claims that 83 percent of financial services companies believe specific aspects of their businesses are at risk to various fintech startups, with the number of worried management-level professionals reaching 95 percent in the banking sector. The PwC report is based on a survey of 544 CEOs, heads of innovation, chief information officers, and top management personnel in financial services companies from 46 countries around the world. While traditional financial services companies believe fintech startups could take hold of 23 percent of their business, the fintech....
The Indian banks are increasingly collaborating with fintech startups in the country to develop banking solutions. India decided to do away with over 80 percent of its currency in circulation overnight. The move, almost brought the country’s economic machinery to a grinding halt as people flocked to the banks and post offices to exchange their old high-value banknotes for new ones. As experts debate about its potential impact on the country’s economy, Indian banking institutions have decided to upgrade their operations and infrastructure to match present day requirements. According to a....
Brian Brooks has defended the fintech charter he oversaw while heading the OCC, warning heavy-handed crypto regulations could undermine U.S. competitiveness globally. Brian Brooks has defended the fintech banking charter introduced while he served as the acting comptroller of the currency after Congressional Democrats took aim at the license on Thursday.Brian appeared as a witness before the House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions at an April 15 hearing titled, “Banking Innovation or Regulatory Evasion? Exploring Trends in....