The OCC is expanding its footprint with the intended goal of being the regulator of choice for fintechs. Why are they doing this? John Barrickman, President of New Horizons Financial Group stops by Clark Hill’s Credit Eco To Go and provides some answers. John points out that the OCC’s universe is getting smaller and they are trying to find ways to stay relevant through funding and otherwise. The logical target is fintechs and the OCC is trying to create a symbiotic relationship by addressing the needs of fintechs with proposals for uniform licensing, standardized interest rates and a potential payment charter. However, John points out that the OCC’s primary competition at the moment is from state banking regulators, who are also developing their own licensing scheme and are pushing back on the OCC’s proposals. This tug of war will continue especially if there is a change in administration after the election.
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Funk Game Loop by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3787-funk-game-loop
License: http://creativecommons.org/licenses/by/4.0/