Lalita Clozel

Critics fear a large player obtaining a charter could quickly be seen as systemically important to the economy, while supporters argue there will be safeguards in place.

Federal and state regulators on Friday announced that BB&T has agreed to a consent order over weaknesses in its Bank Secrecy Act and anti-money-laundering program.

The proposed charter for fintech firms is rapidly becoming a massive battle that pits state regulators, consumer protection groups and even some banks against a broad assortment of fintech firms and financial institutions.

The head of the New York Department of Financial Services did not mince words Wednesday in criticizing a proposed federal fintech charter.

Just days before President Obama will leave office, the White House released a white paper advocating for the U.S. government to engage in efforts to promote the fintech industry.

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.

Consumer protection groups opposing the Office of the Comptroller of the Currency’s plan to offer limited-purpose bank charters to fintech companies raised concerns that the move could allow payday lenders to operate nationally.

The Office of the Comptroller of the Currency's decision to offer a special-purpose charter for fintech firms may entice more players than expected.

Two influential Democratic senators' surprise objections to the OCC's fintech charter show that the initiative may be more politically fraught than the industry and agency expected.

In a letter Monday to Comptroller Thomas Curry, Sens. Sherrod Brown, D-Ohio, and Jeff Merkley, D-Ore., registered their strong opposition to the concept of the charter, which would allow certain types of fintech companies to avoid state licensing requirements by obtaining a limited-purpose national bank charter.