McGlinchey in the News
2020 election: What’s at stake for bank charters
Member Robert Savoie (Cleveland) is quoted in “2020 election: What’s at stake for bank charters” in Bank Innovation (subscription required). The article includes discussions with lawyers, academics, and think tanks about how the Trump and Biden presidential campaigns view important policies surrounding banking and fintech and what is at stake for bank charters as the election approaches.
According to Robert Savoie, an attorney at McGlinchey specializing in financial services and fintech regulation and policy, the chartering landscape won’t shift dramatically if Biden unseats Trump. “You are going to see continued interest in chartering if there’s a presidential administrative change,” Savoie said. “I don’t think you’ll see a material or more obvious change, but I do think the more roadblocks that are placed up in the chartering process — which is what happened after ‘08 and ‘09 with Dodd-Frank and you saw a dramatic chilling of the de novo bank charters — the more you’re going to see the fintech pivot away from non-depository authorities.”
Read the full article here (subscription required).