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What Does the Fintech Bank Charter News Mean for Banks, Fintechs, Regulators and Consumers?

August 14 — In response to the recent OCC announcement that it will begin accepting applications for special purpose national bank charters “from nondespository financial technology (fintech) companies engaged in the business of banking,” Minneapolis-based Wolters Kluwer has published The U.S. Treasury Fintech Report and the OCC Fintech Announcement: What They Mean for Banks and Fintechs. The whitepaper is intended as a summary highlighting key elements of both the OCC’s and Treasury’s announcements on innovation and advancing the use of financial technologies in the U.S. banking industry.

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FASB Proposed CECL Extension: The True Impact

By Amanda Rousseau, Sageworks

The Financial Accounting Standards Board recently introduced a proposal to allow calendar year-end non-public business entities to report reserve levels in accordance with the new current expected credit loss  standard on Mar. 31, 2022, instead of the initial reporting date of Dec. 31, 2021. This was initially discussed in a regulatory meeting in June and the relief period was further solidified in a board meeting last week.

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Waters Weighs in on Bank Charters for Fintechs

August 2 — While Treasury Secretary Steven T. Mnuchin has expressed support for a recently announced policy change from the Office of the Comptroller of the Currency that will allow fintechs to apply for national bank charters, not all of Washington feels the same. California’s Democratic Representative Maxine Waters, ranking member of the House Committee on Financial Services, yesterday voiced reservations about the new avenue open to these companies.

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8 Practical Tips for Preparing for CECL

August 1 — With the deadline looming, tips for CECL prep are coming from all sides. Having trouble sorting through it all? Here are some practical tips to keep your institution on track.

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Effective Immediately: OCC Is Accepting National Bank Charter Applications from Fintechs

July 31 — The Office of the Comptroller of the Currency announced it will begin accepting applications for national bank charters from nondepository financial technology (fintech) companies engaged in the business of banking.

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