Tom Curry Quoted on Fintechs Seeking Bank Charters in Bank DirectorPrint PDF
Tom Curry, a partner in Nutter’s Corporate and Transactions Department and a co-leader of the firm’s Banking and Financial Services group, was quoted in Bank Director on how some fintechs are seeking bank charters, further changing the competitive landscape of traditional commercial banks. The article, "The Latest, Oldest Thing in Banking," discusses the benefits of bank charters and the number of unusual benefits that make them attractive to nonbanks. "There [was] a realization in the fintech industry that their regulatory and legal risk areas got too complicated and too expensive," said Tom. "There was an interest in transitioning to a traditional bank charter, because of financial advantages in the area of funding and as a way to limit regulatory overlap."