Manatt’s Brian Korn, a co-chair of the firm’s financial services group, was interviewed by S&P Global Market Intelligence for an article on digital lenders entering the new fintech charter realm.
The article cited uncertainties associated with charters to be granted by the Office of the Comptroller of the Currency, including questions related to qualifications and the need to find a balance between state authority and federal powers. The potential response from other banking regulators is also unclear.
“We could see a large number of these, if fintech companies are successful in defending the ability to have a charter and then in executing a business plan that makes it better than borrowing through a state bank," said Korn.
Read the article here.