Recent Game Changing Regulatory Developments

Panelists include: Bob Linderman, Freedom Financial Network; Richard Neiman, Lending Club; Manny Alvarez, Affirm; Michael Freedman, BorrowersFirst; Moderator: Colin Darke, RocketLoans.

Following comments from Comptroller of the Currency Thomas Curry at LendIt USA panelists give their perspective on regulatory developments including the OCC Fintech Charter; fintech companies will find that the OCC is indifferent to fast innovation and the OCC will stress safety to ensure the soundness of the banking system; thus companies who don’t have risk management and compliance in place will find it difficult to work with the OCC; however many panelists commented on how the OCC can be a great partner; there are many perceived benefits of the OCC Fintech Charter including uniform guidelines which can help with product development due to clearer boundaries; having a single regulator is also a benefit instead of the current direct lending through state licenses and issuing bank models that exist today; banks that are looking to partner with fintechs will also take comfort knowing a company has engaged with the OCC.