Fintech Takes Bank Nerd Corner: OCC vs. States, NBA Moneyball, and Tokenized Deposits
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Sep 10, 2025 Kiah Haslett, the author behind the Fintech Takes Banking newsletter, dives deep into the tussle between big banks and state regulators over a unified rulebook. The conversation highlights a surprising Fintech fraud tied to NBA star Kawhi Leonard, alongside the complications of mortgage fraud investigations within the Fed. Kiah also discusses the potential benefits and pitfalls of tokenized deposits on blockchain, questioning if they truly enhance banking or simply pave the way for more scams. It's a lively mix of finance and fraud!
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Banks Push For Federal Rulebook
- Big banks are lobbying the OCC to create uniform federal rules that would preempt conflicting state regulations.
- This reflects rising federal–state regulatory tension driven by fintechs operating across state lines and regulatory volatility.
Value Of Fed Master Accounts
- Fed master accounts grant durable access to payment rails and are highly prized for operational stability.
- Firms seek those rails to reduce risk of being cut off and to plan without regulatory whiplash.
Kawhi, Aspiration, And Steve Ballmer
- Alex recounts Kawhi Leonard allegedly receiving a large no-work contract from Aspiration while Clippers owner Steve Ballmer had invested in the company.
- The deal raised NBA salary-cap and conflict-of-interest eyebrows despite no clear crime or victim.
