Fintech Focus Roundup For July 26, 2020

The OCC Is Rolling Out National Payments Charter 1.0 This Fall

What Is Happening? The Office of the Comptroller of the Currency (OCC) is rolling out a ‘payments charter 1.0’ this fall.
What Does It Mean? The OCC’s proposed charters will be positive for the fintech industry, facilitating innovative business models, saving on card processing fees, and, ultimately, enabling companies to transform cost centers into revenue drivers.

Clearinghouse Explores Ethereum For Digital Asset Management

FDIC Wants Banks To Partner With Fintechs

What Is Happening? The Federal Deposit Insurance Corp is exploring a public/private standard-setting partnership that would promote the adoption of innovative technologies at FDIC-supervised financial institutions.
What Does It Mean? The potential program would allow third-party service providers to voluntarily undertake a certification process with the FDIC to ensure their models meet regulatory standards. Banks interested in partnering with certified providers would not be required to complete a third-party approval process with the FDIC, according to a senior official.

Crypto Exchanges Can Now Easily Freeze Risky Transactions

What Is Happening? Stock-trading app Robinhood has indefinitely postponed its U.K. launch, the company said Tuesday.
What Does It Mean? "We’ve come to recognise that our efforts are currently best spent on strengthening our core business in the US and making further investments in our foundational systems," the company wrote.

Charles Schwab Earnings Cast Doubt Over Zero-Fee Brokers

What Is Happening? Schwab now manages a record $4.11 trillion in client assets from 14.1 million accounts, having added 1.62 million new clients during the quarter, but still managed to see weak revenue and net income numbers.
What Does It Mean? If Charles Schwab is making less money after increasing its assets under management to $4.11 trillion and adding 1.6 million clients, how can any online brokerage increase profits under the zero-fee model?

How LeagueSide Is Impacting Communities, Youth Sports