Remove FDIC Remove Office of the Comptroller of the Currency Remove Underwriting
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Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion

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What we’re doing is looking at things like transaction history and geolocation, and other factors that will give us some confidence to underwrite credit into that demographic and help them build a history,” maintained Cagney. But a national charter would allow for a uniformity of presence and market scope.

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Taking On SMB Banking Friction Without Reinventing The Wheel

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Regulatory efforts through the Office of the Comptroller of the Currency aim to connect FinTechs with the opportunity to apply for a national bank charter, an initiative that has been met with criticism and legal action. For instance, in the U.K., Meanwhile, in the U.S., the emergence of new banks is few and far between.

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Why The Final Payday Lending Rules Are Far From The Last Word

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There’s the OCC for national banks; for small state there is the FDIC; medium banks have the Fed and there is NCUA for credit unions. That is important, he said, because if there is any regulatory uncertainy, it becomes very difficult to underwrite or originate small loans. Banks need clear guidelines from a host of players.