Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
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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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Want to get insider access to some of the most innovative advances happening in #fintech. Register for #FFCON23 and hear from global thought leaders what’s next! Click below for Open Access tickets to all virtual programming and on-demand content from FFCON23. |
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Read More
Read More
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Read More
Read More
Guest Post | March 28, 2023 Introduction Since the 1970s, global finance has seen significant changes that have impacted millions of people. The development of mobile phones and other technologies has enabled new ways to make and manage payments, invest money, and take out loans. But not everyone has been able to benefit from these technological advances. In particular, marginalized communities often lack access to financial services that can help improve their lives. The importance of financial systems The importance of financial systems is often overlooked in the development community. While there have been many innovations in technology and business models, we've failed to keep up with the rapid pace of change in the financial sector. As a result, millions of people still lack access to essential banking products and services, and even more so if you look at those living on less than $2 per day. What's most alarming is that this trend isn't new: it has been going on for decades. In fact, according to data from the World Bank Group's Global Financial Development Database (GDFD), only 1% of all adults worldwide had access to formal savings accounts as recently as 1990 - a number which rose by ...
Read More
Read More
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Read More
Read More
The Verge | Andrew Webster | March 23, 2023 Epic’s CEO, alongside executive VP Saxs Persson, talks about the future of virtual worlds and what needs to happen for the metaverse to really come to fruition. Epic’s outspoken CEO, Tim Sweeney, took some time to talk about one of his favorite topics, the metaverse, which is something the company is putting a lot of money into. Right after the event, I had the chance to sit down with Sweeney, as well as Epic’s executive VP Saxs Persson, to talk about just what the heck a metaverse is and how it might work in practice. See: What CEOs Should Know About the Metaverse Can you give me a clear definition of what the metaverse is? Tim Sweeney: It’s just an online social entertainment experience in a real-time 3D setting. You and your friends, going around having fun together, in a 3D world. What’s happening here is somewhat a phenomenon of scale. We now have enough people with access to powerful devices so that you can actually go out and do this with all of your friends. It’s no longer something for elite computer nerds. That makes you convinced that this is ...
Read More
Read More
CNBC | Hannah Ward-Glenton | Mar 27, 2023 The banking crisis today looks very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation. So how is it different? Social media not only allows rumors to spread more easily, but also much faster. "What social media has done is increase the importance of reputation, perhaps exponentially, and that's part of this problem I think," Donavan added. Social media gives "more scope for damaging rumours to spread" compared to 2008, Jon Danielsson, director of the Systemic Risk Centre at the London School of Economics, told CNBC in an email. "The increased use of the Internet and social media, digital banking and the like, all work to make the financial system more fragile than it otherwise would be," Danielsson said. "There are a couple of tweets and then this thing [the collapse of Silicon Valley Bank] went down much faster than has happened in history," Fraser added. While information can spread within seconds, money can now be withdrawn just as quickly. Mobile banking has changed the fundamental behavior of bank users, as well as the optics of a financial collapse. See: Digital Asset Experts School Senate ...
Read More
Read More
Cato Institute | Jennifer J. Schulp | Feb 17, 2023 What little financial privacy you have when trading stocks is about to get even smaller next month. When you make a stock trade, your broker already is required by the Bank Secrecy Act to maintain records of it, monitor your trading activity, and report any suspicion of illegal activity to the federal government. Starting in March, your broker will be required to directly report all of your trades, including your personal information, to a massive government database. If the Bank Secrecy Act concerns you—and even if it doesn’t—just wait until you hear about the Consolidated Audit Trail (CAT). The Consolidated Audit Trail is intended to collect and accurately identify every order, cancellation, modification, and trade execution for all exchange‐listed equities and options across all U.S. markets, allowing the Securities and Exchange Commission (SEC) to track orders and identify who made them. See: Office of the Privacy Commissioner Announces Digital ID Ecosystem Resolution to Ensure Transparency and Privacy This massive surveillance database is a financial privacy nightmare: The CAT began collecting trading data in 2020, after years of development replete with challenges and controversies. It is scheduled to begin collecting customer information on March ...
Read More
Read More
Coindesk | Nikhilesh De | Mar 22, 2023 The regulator alleged TRX and BTT are unregistered securities, and claimed Sun created an "extensive wash trading" program to boost their trading volume. The SEC said in a press release it was suing Sun, the Tron Foundation, the BitTorrent Foundation and BitTorrent (now known as Rainberry) over the sale of tronix (TRX) and bitTorrent (BTT) tokens, which the regulator described as unregistered crypto asset securities. The regulator further alleged the defendants "fraudulently manipulat[ed]" TRX's secondary market through an "extensive wash trading" scheme. See: SEC Warns Investors: Be Vigilant Regarding Crypto Asset Securities The SEC alleged, by having his own employees "engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled." According to the court filing, Sun's Tron Foundation employees conducted the trades, the BitTorrent and Tron foundations controlled the accounts and Rainberry employees transferred funds for the trading. Celebrity influencers: The agency is also suing Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, Ne-Yo, Akon and Michele Mason on illegal touting charges for their roles allegedly promoting TRX and BTT without disclosing they were paid to do so. The majority of these celebrities settled the ...
Read More
Read More
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