Regulators and fintech leaders gathered in Washington DC yesterday to discuss the fintech chartering process and some of the biggest challenges deterring the emerging industry from entering the banking space; FDIC Chairman, Jelena McWilliams and Comptroller of the Currency, Joseph Otting, both spoke at the event and agreed that fintechs are having a harder time than expected proving capital and profitability in their business plans when seeking a charter; they also said that the agencies are moving forward on CRA reform but declined to offer any time line here. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.