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What is the Impact of Fintech Charters on Community Banks and Credit Unions?

On July 31, 2018 the Office of the Comptroller of the Currency (OCC) announced the approval of the national fintech charter. This announcement followed the Treasury Department’s report about how non-banks, like fintechs, should be regulated. The OCC’s decision is based on government efforts to promote economic growth, and support innovation that improves financial services to customers, businesses and communities.

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Topics: FinTech, Regulations

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FinTechs – No Longer Competitors, but Partners

Today, there are a slew of fresh, young financial technology firms – or FinTechs for short - that are leveraging technology, the Internet and smartphone apps to address inefficiencies across the spectrum of financial services. These FinTechs are well-financed by venture capitalists, private equity firms and forward-looking FIs (financial institutions) who see the enormous profit potential of innovation and disruption in the financial sector, and want a slice of it. So, should financial instituti...

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Topics: Technology, FinTech