The Conference of State Bank Supervisors has sued the OCC before the agency has finalized the requirements for a fintech charter, fueling speculation state regulators are trying to delay deployment or scare away potential applicants.
Financial services companies and groups are increasingly willing to take the regulatory regime to court in an effort to fight back — and so far, they appear to be succeeding.
The Conference of State Bank Supervisors is suing the Office of the Comptroller of the Currency, arguing it lacks the legal power to create a fintech charter.
Fintech firms, banks, state regulators and consumer protection groups all expressed significant reservations about the Office of the Comptroller of the Currency's latest plan on its fintech charter initiative.
President Trump has been in office for nearly 12 weeks, but he still hasn’t nominated several critical positions among financial services regulators. Following is a guide to what’s vacant now, and when other posts will be available.
Comptroller of the Currency Thomas Curry on Wednesday expressed support for community development financial institutions, even as the Trump administration is seeking to cut all government funding for them.
The Office of the Comptroller of the Currency’s proposal to require fintech charter applicants to draft and comply with a financial inclusion plan appears to have more teeth than similar Community Reinvestment Act requirements for banks.
