Fintech Charters Will Be Top Priority for OCC’s Acting Chief

May 29, 2020, 4:24 PM

The Office of the Comptroller of the Currency will continue defending its ability to charter financial technology firms, and look to potentially expand that authority to other types of companies, the agency’s new acting chief said.

The national bank regulator wants to help banks engage in “responsible innovation” with the goal of increasing product offerings, acting Comptroller of the Currency Brian Brooks said in a statement Friday outlining his priorities.

That effort will include defending the OCC’s special purpose charter for financial technology firms against lawsuits from state regulators, including the New York Department of Financial Services. The ...

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