The Wall Street Journal quoted Manatt's Brian Korn, co-chair of the firm’s financial services group, on acting Comptroller of the Currency Keith Noreika’s support of giving national licenses to financial-technology firms.
Noreika stated that the federal banking system needs to be more inclusive, accommodating new banks and adapting to the changing needs of the economy. He has affirmed the framework for licenses that the Office of the Comptroller of the Currency has developed, but the publication stated he has yet to resolve other uncertainties that could discourage applications.
“Platforms in the market are not going to start applying for the charter and submit to that form of regulation until they understand exactly how it works,” Korn told The Wall Street Journal.