In The News
John P. Kromer quoted in American Banker article, “As federal fintech regulatory plans founder, a push for alternatives”
American BankerJohn P. Kromer
John P. Kromer was quoted on November 4, 2019 in an American Banker article, “As federal fintech regulatory plans founder, a push for alternatives,” which discussed the desire to create alternative "flexible" supervisory regimes for fintechs in the wake of stalled attempts to create a national fintech charter. The article reported on the proliferation of multistate agreements as an alternative step: “To date, that approach has seen some success in the U.S. — namely with reaching multistate agreements on the use of certain technologies and money transmitter licensing — especially when paired with a backstop at the federal level, where a national framework will takeover if a state can’t agree on a certain set of rules.
Kromer added, “Frankly, fintech companies would like to see the efforts on passporting and in the money transmitter space expanded to other product lines. That kind of approach on some of these issues can be very beneficial in promoting greater uniformity but also maintaining federalism."