Manatt Consumer Financial Services practice Leader Scott Pearson spoke with American Banker on the Office of the Comptroller of the Currency’s (OCC) decision to create fintech supervision specialists, putting innovative banks and technology service providers under the jurisdiction of a single deputy comptroller.
These specialists will have a broader perspective on new developments in financial services, allowing for more consistent treatment of national banks that partner with fintechs pursuing unique business models. Pearson commented that this has been a particular concern for fintechs that partner with banks or institutions wanting to pursue a novel banking business model, where the business model might be more important than the location of the business. “There’s some benefit one would think to having some people at the OCC dedicated to focusing on those technologies and making sure that they’re treated the same regardless of where the bank happens to be located,” he said.
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