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Abstract: 

Bank partnership programs with FinTech companies are growing in popularity and have attracted the attention of both federal and state regulators. On the federal side, the OCC has proposed to issue a FinTech charter (now challenged by lawsuits) and clarified the vendor management obligations of depository institutions. On the state side, responses have been varied, with some states ignoring the programs while others have brought enforcement actions to preclude them. The author describes these developments. *This article is adapted, with updates by the authors, from The Review of Securities & Commodities Regulation, © RSCR Publications LLC, and is available for download for Journal of Taxation & Regulation of Financial Institutions subscribers only; no pay-per-article option is available.

Keywords: bank partnership, FinTech, marketplace lending, online lending, vendor management obligations, state regulation of non-depository entities

Affiliations:  1: McGlinchey Stafford, PLLC.