Tom Curry Quoted on Fintech Charters in American BankerPrint PDF
Tom Curry, a partner and co-leader of the firm’s Banking and Financial Services practice group, was quoted on fintech regulation in American Banker. In the article, “Google and Paypal explored OCC’s Fintech Charter, Then Walked Away,” Tom elaborates on how many technology and fintech companies are currently operating under a national network of state licenses, and that they are wary of jeopardizing that relationship in favor of a national bank charter. According to Tom, "There is an underlying fear for regulators as to whether there will be concentration of economic power in chartering a larger player and that is much more elevated with the big tech firms as opposed to smaller players. With the big tech players, down the road a banking charter might be something they would be increasingly interested in but given the uncertainty relative to the regulatory and legislative environment, it may not be something they want to do at this time.”
Business Insider also published a version of this article.