On Dec. 2, 2016, the Office of the Comptroller of the Currency (OCC) published a preliminary proposal to create a national bank charter for financial technology companies (fintech). The OCC’s rationale in support of the proposal was that such a charter could promote the safety and soundness of fintech institutions, bring greater legal and regulatory uniformity and consistency, and strengthen the federal banking system. Despite being a somewhat amorphous proposal and invitation for comment, the proposal drew prompt reaction for state financial regulators, highlighting some of the tensions inherent in any eventual OCC charter for fintech.

To learn more, please read the GT Alert, “OCC Consideration of Special Purpose Fintech Charters Draws Rapid Reaction for State Banking Regulators.”

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Photo of Andrew S. Wein Andrew S. Wein

Andrew S. Wein is a regulatory, litigation, and corporate attorney who represents financial services clients. His national practice focuses primarily on mortgage companies and other consumer financial institutions, assisting them with both litigation and regulatory compliance. Andrew handles litigation and regulatory issues arising…

Andrew S. Wein is a regulatory, litigation, and corporate attorney who represents financial services clients. His national practice focuses primarily on mortgage companies and other consumer financial institutions, assisting them with both litigation and regulatory compliance. Andrew handles litigation and regulatory issues arising out of federal and state consumer protection statutes, including the Real Estate Settlement Procedures Act, Truth in Lending Act, Fair Debt Collection Practices Act, Fair Credit Reporting Act, Telephone Consumer Protection Act, Home Mortgage Disclosure Act, Secure and Fair Enforcement for Mortgage Licensing Act, and the Home Affordable Modification Program.

On the regulatory side, Andrew’s experience includes proceedings before state and federal agencies, including the Consumer Financial Protection Bureau, the U.S. Department of Housing and Urban Development, and the New York Department of Financial Services. In addition, Andrew has deep experience with all facets of the mortgage industry, including the licensing of mortgage companies and their affiliates, examinations by state and federal agencies, loan repurchase disputes, pooling and servicing agreements, financing agreements, and various other originations and servicing transactions.

Photo of Gil Rudolph Gil Rudolph

Gil Rudolph is Co-Chair of the firm’s Financial Regulatory and Compliance Practice. Gil focuses his practice on the representation of finance companies, banks, mortgage originators and servicers, education lenders, retail installment transaction financers and other consumer financial service providers in regulatory and litigation…

Gil Rudolph is Co-Chair of the firm’s Financial Regulatory and Compliance Practice. Gil focuses his practice on the representation of finance companies, banks, mortgage originators and servicers, education lenders, retail installment transaction financers and other consumer financial service providers in regulatory and litigation matters. Gil also represents various alternative financial service providers, including small dollar/short term lenders, check cashers, pawn and auto title lenders. He additionally represents various participants in the credit, debit, and prepaid card issuance and processing industries.

Photo of Carl A. Fornaris Carl A. Fornaris

Carl A. Fornaris is Co-Chair of the firm’s Financial Regulatory and Compliance Practice. With 27 years of legal experience, Carl advises a broad range of financial services firms – banks and their holding companies, money services businesses, investment advisers, securities broker dealers, gaming

Carl A. Fornaris is Co-Chair of the firm’s Financial Regulatory and Compliance Practice. With 27 years of legal experience, Carl advises a broad range of financial services firms – banks and their holding companies, money services businesses, investment advisers, securities broker dealers, gaming firms, Fintechs, cryptocurrency firms and other institutions – on all aspects of their business. These include formation and licensing, capital-raising transactions, acquisitions and divestitures, USA PATRIOT Act/BSA/AML compliance and OFAC sanctions programs, cryptocurrency regulation, mobile money and FinTech, federal and state agency enforcement proceedings, Dodd-Frank Act compliance and COVID-19/CARES Act economic stimulus program advice (ranging from Small Business Administration PPP loans to Federal Reserve Main Street program loans). Throughout his career, Carl has counseled clients in their dealings with the Federal Reserve, OCC, FDIC, FinCEN, SEC, FINRA, Florida Office of Financial Regulation, New York Department of Financial Services and other state supervisory authorities.

Carl is also active representing lenders and credit parties in financing transactions, particularly credits to non-U.S. loan parties, asset-based credits, acquisition financing and stand-by letters of credit.

Carl is a past General Counsel of the Florida International Bankers Association and sits on its Board of Directors. Previously, he served as Head of Legal and Compliance for the Latin America region of Barclays Bank PLC, with responsibility for managing legal and compliance matters throughout the region. Carl is an adjunct professor in the Business Law Department of the University of Miami Business School.