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The Office of the Comptroller of the Currency on Wednesday released more information on how it plans to evaluate and supervise fintech companies seeking a bank charter.
New York's financial regulator had sought to expand licensing requirements for certain fintech firms through a provision in the state's budget, but the provision was not included.
House Republicans' concern with the Office of the Comptroller of the Currency's fintech charter signals growing lawmaker resistance to the plan, which was already opposed by two prominent Senate Democrats earlier this year.
Banks and consumer rights groups appear to have found unusual common ground in the debate over screen scraping, asking the CFPB to weigh in on the application of certain regulations to fintech companies that aggregate financial data on customers' behalf.
Comptroller of the Currency Thomas Curry defended plans to offer a nonbank charter to fintech firms, disputing, among other things, arguments that his agency lacks the legal authority to do so.
