Dueling Fintech Regulatory Initiatives May Work Best Together

Mike Nonaka is quoted in Law360 regarding the legality of the Office of the Comptroller of the Currency's fintech charter and the Conference of State Bank Supervisors' model payments. Both the OCC and CSBS have taken the concerns of industry to heart, and each initiative, while potentially overlapping in their goals of reducing regulatory burdens, may very well work well together, according to Mr. Nonaka. He adds, "I think that the two frameworks are complementary and not necessarily at odds. Whether a company will be most interested in the model payments law or a special purpose fintech charter is primarily going to come down to what financial products and services they're offering and the scale of the products and services and the different geographic regions in which they want to offer them."