In this episode, Wharton FinTech’s Abhi Chadha sits down with Michele Alt, Co-Founder of The Klaros Group and former OCC regulator, to unpack the evolving relationship between fintechs and the U.S. banking system. Michele shares her insights from two decades at the Office of the Comptroller of the Currency (OCC) and her current work helping non-banks pursue bank charters. They discuss the shifting regulatory climate across administrations - from the OCC’s early fintech charter attempts, to the Biden-era freeze, and now a renewed openness under Trump 2.0. Michele explains the nuances of charter types like industrial loan companies (ILCs) and national trust banks.
The conversation explores:
- The history and future of fintech chartering
- Differences among OCC, FDIC, and Fed oversight
- How U.S. fintech regulation compares to Europe and the U.K.
- Challenges foreign fintechs face when entering the U.S. market
- How Michele’s OCC experience helps startups navigate complex regulatory processes
Michele also shares her perspective on the cyclical nature of financial regulation - from deregulatory “sugar highs” to inevitable crackdowns - and offers advice for those eager to build a career in fintech regulation and compliance.
