Is RegTech Consolidation Creating New Platform Risks?
RegTech Analyst, FinTech Global
RegTech was built to solve fragmentation in compliance. But as the sector consolidates and platforms expand across surveillance, reporting, identity and risk, a new question is emerging: are firms replacing operational fragmentation with platform concentration risk?
For financial institutions, the appeal of unified RegTech stacks is obvious. Consolidated platforms promise lower costs, integrated data models and a single view of regulatory obligations. Yet as more compliance functions sit inside fewer technology providers, firms may be concentrating operational dependency in ways regulators have historically warned against…
Read moreAmericans Want Fintechs to Follow Bank Rules, Survey Finds
By Liz Carey, Financial Regulation News
A new survey from the American Bankers Association found that consumers want fintech companies to follow the same rules as banks.
The survey, conducted by Morning Consult, asked more than 4,456 adults about their views on businesses that provide bank-like services, but aren’t actually banks. More than four out of five (84 percent) said businesses providing bank-like services like checking and savings accounts or loans should be held to the same standards for consumer protections that banks…
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U.S. Fintech Upstart Prepares National Bank Charter Application
By Francis Bignell, FinTech Futures
If approved, the insured national bank would operate under the name Upstart Bank NA and be led by Upstart’s current chief risk officer, Annie Delgado.
US-based fintech holding group Upstart Holdings has announced it plans to submit an application to the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) to establish an insured national bank.
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