
Fintech Firms Get Chance to Apply for Banking License - caoxuwen
https://www.wsj.com/articles/fintech-firms-get-chance-to-apply-for-banking-license-1489599873?mod=e2tw
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grandalf
Does this mean that fintech firms get taxpayer bailouts?

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dforrestwilson
So they might actually have a level playing field now?

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btmerr
Not exactly. The proposed charters are limited compared to traditional bank
charters, but it's a start.

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PretzelFisch
So what will the Fintech firms gain from having a Banking license under this
charter?

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shortimer
New fintechs who want to move money have to obtain a Money Service Business
license in every state where they operate. In almost all cases, that means
they have to get 48ish MSB licenses (a state or two don't require them). Each
one can be both complicated and expensive to obtain and maintain.

This new license would let those fintechs instead obtain a single license (and
set of rules, and costs, etc) for nationwide use.

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Johnie
This is still early in the process. It will take some time before we know what
the final regulation is. The comment period is between now and January of next
year.

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5706906c06c
Interesting, now they get to constantly get scrutinized by the OCC, which, by
the way, is no fun. Those audits can end up being brutal.

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cm2012
Interesting opportunity for a bunch of them.

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arca_vorago
Have a non-paywall source or copypasta?

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gfsadhfsd
[http://www.facebook.com/l.php?u=https://www.wsj.com/articles...](http://www.facebook.com/l.php?u=https://www.wsj.com/articles/fintech-
firms-get-chance-to-apply-for-banking-license-1489599873?mod=e2tw)

