Venable partner John Beaty was quoted in an October 5, 2016 American Banker article on fintech regulation. Later this year, the Office of Comptroller of the Currency is expected to issue a framework highlighting policy issues it is dealing with in regulating fintech companies. This is expected to lead to a national charter similar to those created for credit card companies and internet banks.
"This impulse on the part of regulators is one that has been with us for many, many, many years," said Beaty. "They have always been concerned about banks' adequately reviewing loans that they're getting from nonbanks or other entities." He added, "Federal bank regulators generally try to cooperate as much as possible. They don't try to create situations that could trigger the concerns of other regulators."