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The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job.
Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act. A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this.
A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.
ADVERTISEMENT ADVERTISEMENT OCC Fintech Charters Face Fresh Attack By State Regulators Law360 (December 23, 2020, 9:27 PM EST) -- A group of state bank supervisors is seeking to block the Office of the Comptroller of the Currency from granting national bank charter status to a blockchain-based financial services provider, arguing that the federal regulator would be setting "a dangerous precedent" for the future of the banking industry. The OCC's plans to grant the charter to Figure Technologies Inc. would go "far beyond the limited chartering authority" the regulator has under the National B...
Search Conference of State Bank Supervisors Targets OCC Chartering Authority of Fintechs in Lawsuit, Points Finger at Figure Technologies The Office of the Comptroller of the Currency (OCC), as well as Acting Comptroller Brian Brooks, regarding the agency’s ability to issue federal bank charters to Fintechs. The complaint mentions Figure Technologies, a blockchain-based Fintech in the lending sector, specifically. The CSBS is the national organization representing bank regulators from all 50 states. John W. Ryan, CEO and President of the CSBS, issued the following statement on the lawsui...