The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.
President Donald Trump on Friday named his budget director, Mick Mulvaney, as acting White House chief of staff, ending a tumultuous search to replace John Kelly, who the president pushed out without having lined up a successor.
The fintech's new products may violate several banking and securities regulations and could mislead the public about the differences between coverage on banking and investment accounts, industry officials say.
Former CFPB chief Mick Mulvaney had claimed the agency could not supervise firms for Military Lending Act compliance, but lawmakers want his successor to go in a different direction.
