Federal Reserve Vice Chairman for Supervision Randal Quarles told an International Monetary Fund forum that he didn’t think ILCs were problematic; applications should be reviewed and granted based on the strength of the application; this is a shift for the Fed as they have said in the past that ILCs were an issue and that Congress should consider cracking down on them. Source.
While speaking at an event at Georgetown Law School Acting OCC Head Keith Noreika defended the proposed fintech charter; Mr. Noreika also took questions on the fear of commercial companies being granted banking charters; “A national bank charter is a special thing, and the OCC will not undermine its value by granting charters to companies that are not ready to meet our admittedly high expectations” said Noreika. Source.