Page 22 - GS210102

CoverStory

new ground in 2018 by creating a special charter for fintechs engaged in lend- issues, and President-elect Biden's
ing activities, and last year the agency said it planned to create another special campaign had substantial support
charter for fintech payments firms. But the OCC's plans were challenged by the and involvement from Silicon Val-
Conference of State Bank Supervisors, and a federal court sided with the CSBS. ley and the technology community."
The new administration is likely to
In December, a task force set up by the CFPB, weighed in on the matter, con- look favorably upon new products
cluding the OCC is ill-suited to regulate fintechs and that Congress should au- and services that help the unbanked
thorize the CFPB to issue federal charters to fintechs specializing in lending, and underbanked, they added. "Fin-
payments and remittances. tech companies that are developing
products that meet those priorities
The Pillsbury lawyers noted in their report that "numerous members" of the are likely to gain greater acceptance
Biden transition team for financial services have "significant expertise in fintech from legislators and regulators," the
attorneys stated.

One potential fly in the ointment is
growing distrust of big tech. "There
is an overall concern among policy-
makers over big tech, which could
have a chilling effect on fintech,"
Talbott observed.

The Pew Research Center reported
that 47 percent of Americans want
greater regulation of major technol-
ogy companies, 11 percent favor less
regulation, and 39 percent believe
big tech is sufficiently regulated.
Committees in both Houses of Con-
gress are investigating the need for
more vigorous antitrust oversight of
big tech firms. Plus, the U.S. Depart-
ment of Justice and the Federal Trade
Commission have ongoing investiga- Not All Portfolio Buyers
tions into big tech companies, many
of which also face antitrust scrutiny Are Created Equal.
from state attorneys general.
Banking on cannabis? The in dustry's trusted portfolio
A question on the minds of many is purchaser sin ce 2006
how the Biden Administration and
the new Congress will respond to No new accounts requir ed – no
calls for decriminalizing or legaliz- min im ums – no penaltie s
ing cannabis now that a majority of
states have legalized it for medicinal Keep your merchants wit h your
and/or adult recreational uses.
ISO – no convertin g - no movin g
In the waning days of the last Con- - no sellin g your merchants
gress, the House overwhelmingly
approved legislation—the Marijua- Our skil led support team can take
na Opportunity Reinvestment and
Expungement (MORE) Act—that over servic in g your merchants
decriminalized cannabis at the fed-
eral level. While the legislation never Full or Partia l Buyouts
received a vote in the Senate due to Quic k Closures - Flexi le Deals -
opposition from Senate Majority
Leader Mitch McConnell, R-Ky., it Honest Valuatio ns
may have a better chance when Sen.
Chuck Schumer replaces Sen. McCo-
nnell as majority leader. Before the
November election, Schumer said if

We Buy Portfolios
22
CUTTERFINANCIAL.COM
610.451.4096 acquisitions@cutterfinancial.com