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Daniel P. Stipano Quoted in American Banker Article, “Why OCC Fintech Charter May Have Life Under New Leader”

American Banker

Daniel P. Stipano

Daniel P. Stipano was quoted on July 7, 2017 in an American Banker article, “Why OCC Fintech Charter May Have Life Under New Leader,” which discussed the continued support of the fintech charter after the Office of the Comptroller of the Currency’s leadership change, even with the the amount of observer skepticism and controversy surrounding the proposal. The article noted “some observers see recent comments by acting Comptroller Keith Noreika as a sign that the agency will plow ahead. For example, in recent written testimony to Congress, he called for general steps to ease the process for companies seeking banking charters, and asked Congress to clarify the OCC's authority to place companies in receivership, a key element of the fintech chartering plan.”

Stipano added, “Given what's been invested in this, I'd be surprised to see them walk away from the fintech charter.” He also stated, “Given some of the controversy around it, I would think they would at least take a hard look at the framework before moving ahead. The balancing act that has to be performed in order to minimize opposition is to build enough protections into the charter to satisfy concerns about compliance and safety and soundness, without going so far as to alienate those who support it from a business perspective."

Click here to read the full article at americanbanker.com. Subscription required.