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Analysis

How A Small Bank's Fed Account Quest May Impact Fintechs

Law360 (June 12, 2019, 6:02 PM EDT) -- A David and Goliath battle playing out in New York federal court between a small bank startup and the Federal Reserve may shed light on an issue that's dogged fintech firms interested in becoming federally chartered banks: Will they be allowed to access the Fed's payments system?

Next month it will be one year since the Office of the Comptroller of the Currency started offering a special-purpose national bank charter to fintech firms that don't take deposits, but a big question mark hanging over the project remains the Fed's willingness to extend to these charter holders the same payment and settlement...

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