The Office of the Comptroller of the Currency is receiving pushback yet again on its proposed charter that would allow fintech companies to become special purpose banks. This time, the Conference of State Bank Supervisors has rolled out a plan that could be viewed as a rival to the federal bank regulator’s charter.
Lawyers who work for and with fintechs are encouraged that the state regulators at the CSBS are at least thinking about changes to the system that they believe would modernize state regulations of nonbanks or help centralize regulation among the states. A current lack of regulatory harmonization across states was one of the major concerns voiced by supporters of the OCC’s fintech charter.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
