The OCC Fintech Charter—Opportunity with a Twist
Thursday, March 16, 2017
Arnold & Porter Kaye Scholer LLP
250 West 55th Street
New York, NY
10019
USA
250 West 55th Street
New York, NY
10019
USA
Guest Speaker: Rob Lavet, General Counsel of Social Finance (SoFi)
The recently proposed OCC expansion of the special purpose national bank charter for Fintech companies creates a very interesting opportunity for single source supervision of companies that provide consumer financial services without offering insured deposits. But at what price? This two-part seminar will explore the following attributes and issues that are critical to an evaluation of the OCC's proposed innovation:
Part I: Regulatory Perspective
- Permitted activities
- Impact of ongoing OCC supervision and enforcement
- Ongoing compliance expectations
- The extent of preemption of state laws
- Corporate governance requirements
Part II: Effect on Transactions
- Impact on day to day transactions
- Impact regarding state licensing requirements
- Effect on usury caps
- Impact on strategic transactions, including capital raising and M&A