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Bank Check

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OCC’s call for study of separation of banking and commerce: Revisited topic with a new twist

Greg Omer November 10, 2017
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Whether out of apprehension over a Walmart bank or a Google or Amazon bank, many community banks share a strong concern that commercial firms owning banks would be able to compete for community bank business on unfair terms. READ MORE

OCC won’t allow fintech national bank charters for commercial firms, addressing potential Walmart fintech bank concerns

Greg Omer March 17, 2017
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The primary concern of many community bankers with allowing nonbank commercial companies to own banks is the potential for the “anti-competitive effects and undesirable concentrations of economic power” referred to by the OCC, which apparently shares that concern. READ MORE

Fintech: Internet banking across state borders triggers compliance challenges for state banks

Greg Omer January 20, 2017
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State-chartered banks offering financial products via the Internet to out-of-state customers, either directly or through a nonbank fintech arrangement, should be careful to consider the potential compliance pitfalls of the applicable laws of the customer’s home state. READ MORE