McGlinchey in the News
Utah: The Fintech FrontierRead Time: 1 min
Member Robert Savoie (Cleveland) is quoted in “Utah: The Fintech Frontier” in Bank Innovation (subscription required). The article describes tax incentives and other economic development efforts Utah is employing to attract Fintech expansion in the state.
Although there are six other states that offer an industrial charter, Utah is popular because it has shown it’s receptive to chartering new institutions, according to Robert Savoie, an attorney at McGlinchey. He added that the state’s comparatively less intense regulatory structure and deregulated interest rates make it a popular chartering destination, as institutions can export those rates to other states. …
However, the idea that industrial charters are an unregulated free-for-all is “comically far from the truth,” Savoie said, stating that the FDIC and state regulations are still significant. “You can decide from a policy perspective whether you like it or not,” he said, but “people have been arguing about money since money was invented .”
Read the full article here. (subscription required)