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ARTICLE · 04 APRIL 2020

FDIC Proposes Roadmap For Fintechs To Become Insured Banks

Lewis Brisbois Bisgaard & Smith LLP
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The term "fintech" is used to describe the application of new technology to improve the delivery and use of financial ...

United StatesTechnology
Thomas Brooks
Thomas Brooks
Jane Luxton
Jane Luxton
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The term “fintech” is used to describe the application of new technology to improve the delivery and use of financial services and products in a more cost-effective way than is available in the traditional financial marketplace. The fintech industry is growing by leaps and bounds with an explosion of new products and services. While most fintechs are regulated by a variety of state and federal regulators, increasingly fintechs are considering the advantages of regulation by traditional banking authorities, a simplifying approach that consolidates regulatory oversight in one agency.

This emerging trend offers opportunities and potential pitfalls for fintechs and requires careful planning and implementation. However, the Federal Deposit Insurance Corporation (FDIC) took a big step toward providing some clarity for fintechs that are considering this path with its March 17, 2020 “Proposed Rule: Parent Companies of Industrial Banks and Industrial Loan Companies.” If

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