What A FinTech Needs To Know
About Becoming A Bank
Hosted by Shearman & Sterling's Mark Chorazak
About Shearman & Sterling and FinTech Foundry:
Shearman & Sterling is a global law firm that advises major financial institutions, FinTechs and emerging growth companies, governments, and state-owned enterprises to provide the legal and industry insight needed to navigate the challenges of today and achieve their ambitions of tomorrow. With a cross-practice team of industry and thought leaders, Shearman & Sterling is able to support the FinTech-related initiatives of our clients and the wider ecosystem on a global basis.
With panelists Michele Alt and Jonah Crane
of Klaros Group and Marina Gracias of Varo Bank, N.A.
About the Webinar
In the last several years, there has been an uptick in applications for new bank charters, and there’s been no shortage of FinTechs and payment-related companies showing interest in becoming a bank.
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Jonah Crane and Michele Alt
Why there is so much recent interest in bank chartering
A walkthrough of the options and their pros and cons
Capital requirements, advisor costs, and expenses related to setting up a new bank, such as technology and compliance operations
What applicants can do to be successful in the chartering process
In this webinar, Shearman partner Mark Chorazak speaks with Jonah Crane and Michele Alt from Klaros Group and Marina Gracias from Varo Bank, who share their perspectives on the current regulatory climate for bank charters, and the many legal, business and technical issues that FinTechs must consider when seeking a new bank charter.
What does this mean for the future of FinTechs and payment companies? This webinar discusses the pros and cons for companies considering a charter, the ins and outs of the application process, and best practices for working with regulators. Other topics include:
About The Webinar
Marina Gracias is General Counsel and Corporate Secretary,
Varo Money Inc. / Varo Bank. Varo’s mission is to help people improve their financial lives by providing them with a suite of mobile app based financial tools. Varo is the first consumer-focused FinTech company to receive a full-service national bank charter.
Jonah Crane and Michele Alt are Klaros Group partners and managing directors at Klaros Advisors, where they focus on the future of financial services and assist FinTechs with a variety of regulatory matters, including bank charter applications. They regularly advise FinTechs on bank chartering and complex supervisory issues.
Mark Chorazak is a partner in Shearman & Sterling’s industry-leading financial regulatory group. His practice centers on providing strategic bank regulatory advice to banks, FinTechs, and private equity investors. His expertise covers the full spectrum of U.S. banking regulation, including the intricacies of bank chartering and related supervisory issues.
Varo was founded to make a powerful impact on systemic financial inequality that Americans have experienced for generations. Varo was the first US consumer FinTech to receive a national bank charter from the OCC. The national bank charter allows Varo to deploy its proprietary, cutting-edge technology and directly innovate across a range of financial products to improve the financial health of the millions of Americans who have been overlooked and underserved by the traditional financial system.
Klaros Group is an advisory and investment firm focused on the future of financial services. They help clients understand the complex world of financial services regulation and find practical ways to meet regulatory requirements while building business scale and momentum. Klaros works with innovators and incumbents alike to integrate business and regulatory imperatives and achieve accretive, sustainable solutions to complex strategic problems.