Payments News

Regulation

U.S. Proposes a National Framework for the Regulation of Fintech

“The Treasury Report and OCC Policy Statement lay out an expansive framework to improve the national regulation of the Fintech sector. In particular, the issuance of special purpose charters for Fintech companies, the codification of guidance for sponsorship arrangements between banks and Fintech companies (and proposed legislative fixes to shore-up the sponsorship model), the push for standardized access to account level information, and the harmonization of state money services business regulation and supervision would, collectively, be a significant step toward providing regulatory consistency and certainty for the Fintech industry.”