Maria Vullo is stepping down as head of New York's banking and insurance regulator after three years in which she created a national model for cybersecurity regulations at banks and fought back against federal attempts to chip away at payday-lending rules.
Federal and state regulators are at odds over the Office of the Comptroller of the Currency’s new licensing program, but there are ways to improve current law to appease both sides.
Craig Phillips, a counselor to Treasury Secretary Steven Mnuchin, said the department is not trying to undermine the role of state regulation of fintechs.
State regulators are planning to sue the agency over its special-purpose charter, but the charter would be an important step forward for the regulatory system.
The state's banking regulator and the Conference of State Bank Supervisors are reviving litigation after the Office of the Comptroller of the Currency said it would accept charter applications.
