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.
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.
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.
The financial services industry has high hopes that President Trump will usher in a new era of less regulation and economic growth. Here are challenges his administration will face.
Critics say the Office of the Comptroller of the Currency is moving too far and too fast in its effort to offer a fintech charter, overlooking skepticism that it lacks sufficient legal authority.
