'Two cops on the beat': Regulator wants sole authority to charter fintech firms
The OCC’s acting head is pushing against the Consumer Financial Protection Bureau’s intention to charter non-depository fintech firms. Brian Brooks, the acting head of the U.S. Office of the Comptroller of the Currency and former chief legal officer to Coinbase, has warned against the Consumer Financial Protection Bureau receiving the right to grant “Fintech Charters.”Earlier this week, the CFPB’s Taskforce on Consumer Financial Law published a report featuring 102 policy recommendations intended to “improve and strengthen” financial regulations, including proposing that Congress empower....
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Over the past few years, New York state has proven to take aggressive stances to financial technology. The state of New York has a somewhat unusual reputation when it comes to financial regulation. The state’s regulator is not too keen on the OCC’s bank charter pan for fintech firms. Overseeing the financial technology sector is a coveted price, and a national bank charter may not be the best idea. It is unusual to see NY state go after the OCC this way, although it remains unclear how things will play out. Not too long ago, the OCC proposed their plans for a national bank charter in the....
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....
A major network of state banking regulators is renewing its attack on the OCC's moves to register non-depository institutions. A leading association of state banking regulators is trying to put the U.S. national banking regulator in its place on the issue of fintech registration.Per a Dec. 22 filing, the Conference of State Bank Supervisors, or CSBS, says the impending approval of Figure Technology's bank charter a bridge too far. Figure operates blockchain-backed lending and investment services. It announced its application to the Office of the Comptroller of the Currency for a charter at....
The U.K.’s advertising authority has sent an enforcement notice to more than 50 companies that advertise cryptocurrencies. “We will monitor for compliance and implement sanctions if we do not see improvements,” said the regulator. British Advertising Regulator’s ‘Red Alert’ Priority Issue The U.K. Advertising Standards Authority (ASA), the country’s regulator of advertising, announced Tuesday: We have issued an enforcement notice to over 50 companies which advertise cryptocurrencies, instructing them to review their ads and to ensure they....
The U.K. financial regulator, the Financial Conduct Authority (FCA), has extended its April 1 registration deadline for a number of crypto firms to meet its regulatory requirements. The British regulator has registered 33 crypto firms so far and 12 firms are holding temporary registration. FCA Extends Deadline for Crypto Firms The U.K.’s Financial Conduct Authority (FCA) updated information on the Temporary Registration Regime (TRR) on its website Wednesday, ahead of the April 1 registration deadline for crypto firms. The Temporary Registration Regime was established in December....