Fintech NYC forum: key takeaways

Author: John Crabb | Published: 3 Oct 2017

Key regulation & licensing regimes

Money transmitters and payment processors are growing as an industry, which needs to be addressed. It is a long road to get state money transfer licences, and once attained they have to be maintained – which can be tough.The industry wants clear rules that are consistently applied, that will allow them to plan the growth of their business.The OCC’s proposed fintech charter will not let fintech banks take deposits, limiting the action to regular banks. A group of state chartered banks is suing to stop them from applying the charter, and investors could be hesitant to invest in certain companies because of the web they are involved in.Small bank trade associations oppose the charter because it will be better for big banks that could poach customers. Big banks compete with IHCs all the time, regulators must address what investments and opportunities are required to change...


 

 

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