February 21, 2017 @ 5:30 pm – 8:30 pm
Davis Wright Tremaine LLP
1251 6th Ave
New York, NY 10020
The OCC FinTech Charter: A New Model For Tech-Enabled Financial Services? @ Davis Wright Tremaine LLP | New York | New York | United States

The OCC FinTech Charter: A New Model For Tech-Enabled Financial Services?

Technology companies and banks have long collaborated to deliver financial products and services. The Office of the Comptroller of the Currency – the primary regulator for national banks and federal savings associations – now proposes to allow financial technology companies to become “banks” in their own right. While the OCC has been pursuing a program to foster “responsible innovation” in banking for many months, the announcement that it would soon be prepared to accept applications for charters has surprised industry and fellow regulators alike. A new charter that would allow financial technology companies, such as marketplace lenders, to avoid the burdens of complying with state-bystate licensing regimes or the oversight of an FDIC insured bank sponsor, could be compelling.

Join us for a lively discussion of the prospects of the OCC special purpose fintech charter. Will the concept survive the many challenges it can be expected to attract, including from fellow regulators? What kind of company would qualify for such a charter and what are the threshold requirements? What are the pros and cons of such a charter? How might an OCC fintech charter reshape the landscape of financial services?

Networking and Drinks: 5:30 pm – 6:30 pm
Panel Discussion: 6:30 pm – 8:00 pm
Networking: 8:00 pm – 8:30 pm


Tom Scanlon
Counsel, Davis Wright Tremaine
(Previously Senior Counsel, The Department of the Treasury)

Tom Scanlon focuses on advising financial institutions, technology companies, merchants, and investors on matters relating to financial products or services. Tom has significant experience advising on transactions, counseling clients on adapting financial products or services in light of the regulatory landscape, and helping financial institutions to prepare for examinations—as well as guard against enforcement actions —by the federal bank regulatory agencies, including the Consumer Financial Protection Bureau.


The Panelists

Andrew Lorentz

Andrew Lorentz

Partner, Davis Wright Tremaine

Andrew Lorentz leads DWT’s Prepaid and Emerging Payments Practice. He focuses on the retail financial services sector and is particularly knowledgeable regarding mobile and other electronic payment systems. He has extensive experience in both the regulatory and commercial issues in retail payments and his clients include major banks and non-depository financial institutions, global technology companies, wireless carriers, e-commerce companies, and international retailers. Mr. Lorentz also has extensive experience with a wide variety of other transactions and regulatory matters both in the United States and abroad. He is a frequent speaker on a range of topics related to emerging and prepaid payments at numerous industry events.

Kathy Tomasofsky

Kathy Tomasofsky

Director, Money Services Business Association

An experienced senior association management professional with more than 20 years of experience in Insurance and Financial Services. Most recently, Ms. Tomasofsky was selected by the Money Services Business Association (MSBA) to launch and manage the new association. Her position reports directly to the Chairman and Board of Directors. Previously, she served as the Senior Director of Operations for the Network Branded Prepaid Association (NBPCA). In this role, Ms. Tomasofsky provided management of the Association operations including event and marketing planning, financial review, business development, and member communications. Ms. Tomasofsky managed the Prepaid Financial Crimes Task Force (FCTF) and was the fraud liaison to regulator and law enforcement agencies, as well as an Advisory Board Member of IAFCI.

Stuart Sopp

Stuart Sopp

CEO, Current

After graduating with a Masters in Aeronautical Engineering from City University London in 1999, Stuart began his career in trading and managing teams of foreign exchange and forward traders. He has worked with Deutsche Bank, Citibank and Morgan Stanley across London, Sydney, Singapore, Hong Kong, and New York. In June of 2015 Stuart brought his extensive experience to bear, and founded Current to help make the movement and personal control of money easier and more simple.

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