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Today In Digital-First Banking: Ukrainian Bank Teams With FinTech Startup; Oportun Pursues US National Bank Charter

PYMNTS

In today’s top news in digital-first banking, Ukrainian financial institution UKRSIBBANK is collaborating with Sweden-based FinTech upstart Dreams, while Oportun Financial is pursuing a national bank charter with the Office of the Comptroller of the Currency (OCC). Ukrainian Bank Partners With Swedish FinTech.

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LendingClub and Morgan Stanley, A Tale of Two Bank Deals

PYMNTS

The move also means that, as LendingClub had applied for bank charters in the past (with the Office of the Comptroller of the Currency), it decided to buy its way into deposits and checking. Making a sizzling leap into #digitalbanking : [link]. PYMNTS (@pymnts) February 21, 2020. billion worth of loans.

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Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion

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The stage will be set, then, for Figure to actually act as an “asset originator” via Figure Pay accounts for smaller banks that he said are “liability rich” (in the form of deposits). Smaller banks, he said, have been struggling with developing sustainable offerings that can be delivered to the underbanked.

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Wells Fargo’s Earnings May Change With Potential $1B Penalty

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The CFPB [Consumer Financial Protection Bureau] and OCC [Office of the Comptroller of the Currency] have collectively offered to resolve for an aggregate of $1bn in civil money penalties,” the bank said. “At The original account analysis reviewed 93.5 The third party found 1.4

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Taking On SMB Banking Friction Without Reinventing The Wheel

PYMNTS

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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Change Keeping Global Banks On Their Toes

PYMNTS

Office of the Comptroller of the Currency, meanwhile, is exploring revised sanctions guidelines against banks in the wake of the Wells Fargo case. An unnamed source told reporters late last week that R3 wants to raise $150 million from members and strategic investors, a decline from its original $200 million target.

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Bipartisan Policy Center Report Urges Small Business Financial Reforms

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The proposed changes include moving the collection and storage of small business lending data, required under the Dodd-Frank Act , from the Consumer Financial Protection Bureau (CFPB) to the Office of Financial Research (OFR).