Tag Archives: FinTech

Virginia General Assembly to Consider Legislation Impacting Online Lending in 2017 Session

Legislation affecting online lending will be among the bills the 2017 Virginia General Assembly considers when it convenes on January 11th for its regular session. Delegate Peter Farrell has prefiled two bills that would impose new licensing requirements and fee limitations on such loans. Similar bills are expected to be introduced by other members of the General Assembly. These measures have the support of the Virginia Bureau of Financial Institutions (the “Bureau”), the Virginia Attorney General’s office, and Legal Aid organizations, among others. With respect to Delegate Farrell’s bills, HB 1443 would subject any lender making consumer loans over the …

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National Bank Charter Will Be Available to Fintech Companies in the New Year

Financial technology companies will soon have a new business model to consider – one that will allow them to avoid the various licensing and other regulatory requirements in the states where they do business. The Office of Comptroller of the Currency (“OCC”), the federal banking agency responsible for the supervision of national banks, announced on December 2nd that it will start granting limited or special purpose national bank charters to fintech companies. There are, however, strings attached. A fintech company electing such a charter will be subject to many of the same rigorous safety and soundness standards that currently apply …

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Financial Services Roundtable Creates FinTech Collaboration Program

The Financial Services Roundtable, a leading financial services trade association that represents the interests of the top banks and other large financial institutions in the country, announced this week a new Tech Collaboration Program to bring together leaders from financial technology companies (“FinTech”) and traditional financial institutions. The program is intended to help FinTech and financial institutions work cooperatively together to develop best practices and guidelines to improve security, efficiency and to better meet consumer demand for financial services. The program reflects a friendlier approach to FinTech from the financial services industry. Banking leaders elsewhere have expressed dissatisfaction that FinTech …

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