Crowdfund Insider interviewed Manatt’s Brian Korn, chair of the firm’s digital finance and marketplace lending practice, for an article about his perspective on the Office of the Comptroller of the Currency’s proposed Fintech Charter for emerging firms. When asked for his opinion on the charter, Korn said:
“I believe the Fintech Charter proposal is a novel attempt by a federal regulator to adjust for changing times. The number of banks has halved in the past decade and access to credit and capital is essential to create jobs and economic opportunity.
“The Proposal, as it is, is short on actual detail on some important aspects of how it will work. Will only fintech firms be able to get a charter? Will the charter allow for full preemptive lending in all 50 states? What will the capital requirements be, if any? Will fintech banks be required to accept deposits (I believe no)?”
Read the article here.