The Week Ahead: Licensing Banks in the Fintech Age

In the coming week, the House Financial Services Committee will host a virtual hearing by the Task Force on Financial Technology (Fintech) on digital banking.

The hearing entitled “License to Bank: Examining the Legal Framework Governing Who Can Lend and Process Payments in the Fintech Age,” is slated for Tuesday, September 29, at noon (ET), and will be available here.

The hearing will cover the regulatory process to become a bank.

The rise of Fintech in the mortgage industry was the topic of a recent MReport webinar entitled “The Future of eClosings” (presented by Altisource).

The webinar featured a panel of experts who explored the wave of innovations making it easier to purchase properties virtually, and how recent government regulations may impact the industry now and in the future. (You can register and listen to the complimentary webinar by clicking here). 

Featured speakers included Ben Hall, VP of Product, Altisource; David Kressell, COO, NotaryCamMuthu Srinivasan, Chief Technology Officer, Planet Home Lending; and Jason Wright, Director of eMortgage Services, Lenders One. 

Srinivasan outlined the way that eClosings benefit both borrowers and lenders and make the process “easier and friendlier.”

“This is only the tip of the iceberg,” he said. 

Wright added that financial technology benefits “everyone who has involvement … lender, title company, notary, investor … and [represents] everything we do should be for the consumer, anyway.” 

Here’s what else is happening in The Week Ahead.

  • Case-Shiller national home price index (year-over-year change)–Tuesday
  • U.S. Presidential Debate–Tuesday
  • NAR Pending home sales index–Wednesday
  • U.S. Census Bureau Construction spending–Thursday
  • Computershare Webinar, “Servicing in the Post-COVID Era“–Thursday

 





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