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New leader at OCC, democratizing data, fintech's relationship with banks: Essential Banking News

Last week we saw a new leader of the Office of the Controller of the Currency voted in. 

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Senate confirms Otting to lead the OCC

There is new sheriff in town — or at least there's a new leader at the Office of the Comptroller of the Currency (OCC). Joseph Otting replaces Keith Noreika and was voted in despite opposition from the majority of the Democrats in the Senate, who were worried about Otting's involved with foreclosures at OneWest.

Read more at American Banker


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Fintech seeks to ‘democratize data’ with Nasdaq’s help

The fintech startup Intrinio, has partnered with Nasdaq in a larger effort to democratize the use of data. So far, there have been positive results. Penny Crosman writes that with Intrinio, "Clients — investors, algorithmic traders, hedge funds and banks — can select which data feeds they want in order to track companies, to supply their algorithmic trading programs or to do other things."

Read more at American Banker


Fintech and banks: The new power couple?

Despite some initial envy and competition, both banks and fintech companies are finding they can be more effective working together. The new spirit of collaboration and partnership between banks and fintechs is exciting and real. Braden More, head of Partnerships and Industry Relations at Wells Fargo, believes that collaboration is in everyone’s best interests – above all, the end customer. He says, “You can debate valuations, but in the end fintech has made the financial industry better."

Read more at Wells Fargo


Fintech start-up Revolut aims to become a bank as it applies for European license

Revolut has applied for a European banking license in order to provide a wider range of products to some its markets. Ryan Browne of CNBC has the details: "Once licensed under European rules, it would be able to provide deposit and credit services, including overdrafts, personal loans and deposits held at a fixed term. Customers would also be able to deposit savings of up to 100,000 euros ($115,765), under EU protections."

Read more at CNBC


The Future Of Banking Is In The Palm Of Your Hand

Of the last decade, banking technology has evolved dramatically, especially when it comes to payments. Now it looks like another evolution is at hand. As Forbes's Stephanie MacConnell writes, "Social media giants have entered the payments space. Because of social networks’ massive reach and high rate of daily use, insiders believe the next wave in financial services will occur inside of these apps."

Read more at Forbes


Regulatory relief is on its way for banks: OCC official

"[Blake] Paulson pointed to a September proposal by the OCC, Federal Deposit Insurance Corp. and Federal Reserve Board to simplify capital requirements for banks with assets of less than $250 billion. He also noted that Republican and Democrat senators on the banking panel recently announced a deal to soften Dodd-Frank regulations."

Read more at American Banker


Toyota Financial Services to Offer Rideshare Rental Program

"Toyota Financial Services has solicited the white-label mobility service provider Launch Mobility, to jointly create a new short-term rental program for rideshare drivers, the companies announced today. The unnamed service will use off-lease vehicles in the program and is expected to begin as a pilot in Southern California by yearend."

Read more at Auto Finance News