Canada    FinTech Guide    Chapter 8    United States of America

8. Online Banking Services
United States of America  United States of America

Online banking has become fairly routine at some levels, but the regulatory landscape impacting banks of all natures in the US contains overlapping requirements and compliance is challenging.

Legal Affairs

Online banks need to obtain a federal or state charter (like brick and mortar banks) and comply with all applicable regulations.

Economic Conditions

In a market as large as the United States, this is an impossible question to answer.

Contributing Authors

Carlsmith Ball LLP

Gerald A. Sumida
Honolulu, Hawaii, USA

Carrington, Coleman, Sloman & Blumenthal LLP

Bret Madole
Dallas, Texas, USA

Charles Jordan
Dallas, Texas, USA

Duane Morris LLP

Hope P. Krebs
Philadelphia, Pennsylvania, USA

Thomas Schmuhl
Philadelphia, Pennsylvania, USA

Frost Brown Todd LLC

Joseph Julnes Dehner
Cincinnati, Ohio, USA

Gray Plant Mooty

Christopher Carlisle
Minneapolis, Minnesota, USA

Gaylen Knack
Minneapolis, Minnesota, USA

Holland & Knight LLP

Jorge Hernandez-Toraño
Miami, Florida, USA

Miller Nash Graham & Dunn LLP

Chris Helmer
Portland, Oregon, USA

Kimball H. Ferris
Portland, Oregon, USA

Polsinelli PC

Anthony Nasharr
Chicago, Illinois, USA

Richard Levin
Denver, Colorado, USA

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018