Jeffrey Naimon Quoted in Inside Sources Article, "Uber, But for Banks: Wall Street Braces for Tech-Fueled Disruption"
January 15, 2016
Jeffrey Naimon was quoted in Carter Dougherty's Inside Sources article, "Uber, But for Banks: Wall Street Braces for Tech-Fueled Disruption," on Friday, January 15, 2016.
Suddenly, Wall Street is facing its “Uber” moment.
The nation’s big banks, still wounded by scandal, are looking to Washington for help in fending off Silicon Valley entrepreneurs hungrily eyeing the industry’s multi-billion-dollar credit and ATM card transactions business.
Even if regulators don’t actively help fintech firms, the day-to-day existence of a bank is much more complicated because state and federal authorities directly supervise places where customers deposit money. This in-person examination of banks has no equivalent for fintech companies that may be handling billions of dollars in loans, said Jeffrey Naimon, a partner with Buckley Sandler, a Washington law firm.
“Regulators are not going in and examining these companies,” Naimon said. “And their compliance expectations for banks, which have institutionalized legal, compliance and risk controls, may be different from their expectations for younger entrepreneurial companies.