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2023 | OriginalPaper | Buchkapitel

3. FinTech Regulations and Supervision in the United States

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Abstract

Fintech businesses are not subject to any fintech-specific regulatory framework by any single federal or state regulator. Rather, depending on the activities performed, a fintech company may be subject to a myriad of federal and state licensing or registration requirements and, thereby, also subject to laws and regulations at both the federal and state levels. The Office of the Comptroller of the Currency (OCC), the primary federal bank regulator for national banks, announced in July 2018 that it would begin accepting special purpose national bank charter applications from fintech companies that receive deposits, paychecks, or lend money.

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Fußnoten
2
Pew Research Center (2021): 16% of Americans Say They Have Ever Invested in, Traded, or Used Cryptocurrency, https://​www.​pewresearch.​org/​fact-tank/​2021/​11/​11/​16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/​.
 
3
OCC, Exploring Special Purpose National Bank Charters for Fintech Companies (December 2016), available athttps://​www.​occ.​treas.​gov/​topics/​responsible-innovation/​comments/​special-purpose-national-bank-charters-for-fintech.​pdf.
 
5
OCC (2021): OCC Announces Organizational Changes, News Release 2021-73, https://​www.​occ.​gov/​news-issuances/​news-releases/​2021/​nr-occ-2021-73.​html.
 
7
Public Law No: 111-203 (07/21/2010).
 
8
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9
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11
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12
Five presidentially appointed commissioners, including a chair, subject to Senate confirmation, lead the SEC. Commissioners have staggered five-year terms, and no more than three commissioners may belong to the same political party.
 
14
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15
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16
Congressional Research Service (2013): The Commodity Futures Trading Commission: Background and Current Issues, 1–22, https://​crsreports.​congress.​gov/​product/​pdf/​R/​R43117/​3.
 
17
Fintech Foundry (2018): CFTC and ASIC Agree to FinTech Information Sharing Arrangement, https://​fintech.​shearman.​com/​fintech-blog?​categoryid=​1588.
 
20
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21
Johannes Ehrentraud, Denise Garcia Ocampo, Lorena Garzoni, Mateo Piccolo (2020): Policy Responses to Fintech: A Cross-Country Overview, 1–60, https://​www.​bis.​org/​fsi/​publ/​insights23.​pdf.
 
22
Dan Cohen and John ReVeal (2021): Beneficial Owner New Account Rules: What FinTech AML Program Managers and Their Financial Institutions Need to Know, https://​www.​fintechlawblog.​com/​2018/​04/​beneficial-owner-new-account-rules-what-fintech-aml-program-managers-and-their-financial-institutions-need-to-know/​.
 
23
Paul T. Clark (2020): The Fintech War Between the States and the OCC Is Redefining What It Means to Be a Bank in the United States.
 
24
TransUnion, FinTechs Continue to Drive Personal Loan Growth (February 21, 2019), available at https://​newsroom.​transunion.​com/​fintechs-continue-to-drive-personal-loans-to-record-levels.
 
26
Will Hernandez, Fintech Lenders Taking More Market Share from Banks, Survey Finds, American Banker (September 25, 2019).
 
27
Dirk A. Zetzsche, William A. Birdthistle, Douglas W. Arner, and Ross P. Buckley (2020): Digital Finance Platforms: Toward a New Regulatory Paradigm. University of Pennsylvania Journal of Business Law, 23(1), 285.
 
28
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29
Laura Foggan and Mark Meyer (2019): Insurance/Reinsurance – Navigating Insurtech Regulation without a Map, Crowell Moring.
 
Metadaten
Titel
FinTech Regulations and Supervision in the United States
verfasst von
Felix I. Lessambo
Copyright-Jahr
2023
DOI
https://doi.org/10.1007/978-3-031-25428-4_3