Open banking has been slow to take off in the U.S., but now that the Consumer Financial Protection Bureau (CFPB) has announced it will release Advanced Notice of Proposed Rulemaking on this topic by December, that could be set to change.
Last July, the Office of the Comptroller of the Currency (OCC) announced it would begin accepting applications for special purpose national bank charters by US fintech companies that don’t take customer deposits. We explore the pro and cons of the special purpose charter for fintech companies and discuss potential alternatives.
As you are probably already aware, financial services in the US are highly regulated. This post is the first in our Compliance 101 series that will explain what some of these regulations are.