Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Fintech firms want to shake up banking, and that worries the Fed
Reuters | Pete Schroeder | Jan 14, 2019
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are exploring granting federal bank-like licenses to tech-driven firms that offer financial services, such as money transfers and lending.
The plan is part of a broader push by President Donald Trump’s administration to boost small businesses and promote job growth.
Federal licenses would allow fintech firms, which currently operate under a patchwork of state rules, to reduce their regulatory costs and expand into new regions and products.
However, fintech firms say they are reluctant to invest heavily in nationwide expansion without access to the payment systems, settlement services, and other Fed tools and the central bank has yet to decide whether to let those lightly-regulated players in.
Many Fed officials fear these firms lack robust risk-management controls and consumer protections that banks have in place.
See: MoF Consultation (Deadline Feb 11): Department of Finance Canada Launches Consultations on Open Banking
“They probably do want access to the payments system, but they don’t want the regulation that would come with that access,” St. Louis Fed President James Bullard told Reuters in November. “I am concerned that fintech will be the source of the next crisis,” he added.
Companies such as PayPal (PYPL.O) and LendingClub Corp(LC.N) have attracted millions of customers by offering greater convenience or better prices than traditional banks. The OCC and the FDIC say such firms can broaden access to financial services because their low-cost models allow them to reach poorly served areas and offer small loans that are uneconomical for bigger banks.
But some fintech firms say they would be reluctant to invest the time and resources in applying for and maintaining the new OCC fintech license unless the Fed gives them access to the payments system, so they will not have to depend on banks to route money for them. Direct access would eliminate bank routing fees, a top-five operating cost for many fintech firms, and would allow them to compete more effectively with traditional lenders.
“It’s hard to know if it’s worthwhile applying if you don’t know what access you’d have to the Fed services,” said Jason Oxman, CEO of the Electronic Transactions Association, which represents fintechs and banks. “It would be helpful for the Fed to clarify.”
Banks are pushing back, arguing fintech firms should access the Fed system only if they comply with the same rules banks face.
”You don’t want a new charter that skirts existing rules and regulations and call that innovation,” said Paul Merski, executive vice president for the Independent Community Bankers of America.
Unveiled in July, the OCC special charter allows fintechs to operate nationwide under a single license, provided they satisfy some liquidity, capital and contingency planning requirements.
See: UK banks publish fintech collaboration toolkit
Currently, state regulators that oversee fintechs focus primarily on consumer protections, such as capping interest rates on lending products, privacy safeguards, and preventing unfair or deceptive practices. Some states may also require firms to comply with anti-money laundering rules, submit business plans or allow onsite examinations.
By comparison, nearly every aspect of banks’ operations is subject to rigorous scrutiny and multiple federal and state laws. These include a host of capital and liquidity requirements, operational risk, cyber risk, vendor risk, anti-money laundering and bank secrecy rules, fair lending and anti-discrimination lending laws.
The OCC fintech charter does not permit companies to collect federally insured deposits, now a precondition for accessing the Fed’s payment system.
RAPID GROWTH
In private meetings, Fed officials in Washington are divided on the issue, with many reluctant to offer any reassurances or even guidance on how fintechs should proceed, said fintech executives.
“It’s not a two-way street, it’s a one-way radio channel right now,” said Sam Taussig, Atlanta-based Kabbage’s head of global policy, of communication with the Fed. “We don’t know what’s going on.”
Some officials are unsettled by the rapid growth of fintech firms, which half of U.S. consumers now use to transfer money, according to consultancy EY.
From 2010 to 2017, more than 3,330 new fintech firms were created, according to the Treasury, with financing for such firms soaring thirteen-fold over that period to $22 billion.
See: Synergy and disruption: Ten trends shaping fintech
Officials worry these young players favor growth over risk-management and regulatory know-how – a concern exacerbated this month when fintech Robinhood mistakenly claimed its new checking and savings accounts were federally insured.
“Atlanta’s trying to be a fintech hub, so I get the opportunity to talk to a lot of entrepreneurs in this space,” said Atlanta Fed President Raphael Bostic at a banking conference late last year. “Almost none of them has risk at the top of what they’re thinking about, and that makes me nervous.”
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September 14, 2026 | NCFA Insight | Cross Border Payments And FX, Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Competition And Market Structure New Delhi Declaration Advances Payment Interoperability On September 12, 2026, BRICS leaders met in New Delhi for the 18th BRICS Summit and backed further work connecting national payment and financial messaging systems. The New Delhi Declaration confirms that the BRICS Payment Task Force has been studying cross border interoperability and the use of local currencies for trade settlement and investment. BRICS hasn't yet created a common payment network or digital currency. However, payment interoperability has moved into an official technical workstream rather than remaining a series of proposals from individual members. The progression has been fairly quick. India proposed stronger payment and central bank digital currency connectivity in January. In August, Reserve Bank of India Governor Sanjay Malhotra confirmed that members were discussing links between fast payment systems and central bank digital currencies. The September declaration gives the Payment Task Force a formal basis to continue that work across the bloc. The commercial backdrop has also changed significantly since we last covered the 2023 BRICS summit. The group has expanded, supply chains have been ...
September 14, 2026 | NCFA Insight | Competition And Market Structure, Regulation And Policy, Capital Markets Infrastructure And Funding Routledge Speech Puts Growth and Competition Higher on OSFI Agenda On September 11, 2026, Superintendent Peter Routledge delivered a speech at the Economic Club of Canada, explaining how the Office of the Superintendent of Financial Institutions (OSFI) is refining its risk appetite. Financial resilience remains central, but OSFI is giving more weight to economic growth and competition when it decides whether a regulatory requirement is proportionate to the risk. For financial technology firms, smaller banks, federal credit unions and prospective entrants, the commercial question is whether those decisions make Canada's regulated financial market easier to enter and compete in. Some fintechs may eventually seek a federal bank, trust or loan company structure. Others need regulated partners that can support new lending, payments or financial products without the economics forcing every partnership toward Canada's largest institutions. OSFI is already changing parts of that equation. New entrants have a more structured approval process, selected capital requirements are being recalibrated and unnecessary supervisory material is being removed. The value to the market will depend on what happens to entry costs, operating economics and the ...
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Sep 14, 2026 Industrial machinery is essential in the manufacturing, construction, processing, agriculture, energy production, and other industries. Unexpected machine failures can have more than repair costs. Production can be halted, deadlines can be missed, workers can face safety hazards, and businesses can suffer financial losses. By knowing the common causes of machinery failure, operators and maintenance staff can identify problems early and take preventive action. Industrial machinery failure can have many causes. Why Industrial Machinery Fails By determining the root cause, businesses can avoid the same issue, minimize downtime, and extend the useful life of valuable industrial equipment. Here are 10 of the most common reasons for industrial machinery failure. Poor maintenance One of the biggest causes of equipment failure is poor maintenance. A machine has many moving parts and interdependent components that must be inspected, cleaned, adjusted, and serviced regularly. Small issues can turn into big ones if they aren't addressed during routine maintenance. A preventive maintenance schedule can help to detect worn components and other issues before they lead to unexpected failures. Inadequate lubrication Moving parts need proper lubrication to minimize friction and heat. Insufficient lubrication, improper lubricants, or not lubricating parts as recommended can cause faster ...
Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
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