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.
Thomas Vartanian, a corporate lawyer and former regulator, is a noted critic of the Dodd-Frank Act who is reportedly being considered for a key spot in the Trump administration.
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.
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.
A broad range of industry players are panning an October proposal by bank regulators that would impose new cybersecurity requirements on big banks, arguing it will only slow them down.
Merchants was accused by the Treasury Department's Financial Crimes Enforcement Network of failing to properly monitor money services businesses that had ownership ties with bank insiders.
The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license.
Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.
