WASHINGTON — A group of House Republicans led by House Financial Services Committee ranking member Patrick McHenry, R-N.C., wrote a letter to acting Comptroller of the Currency Michael Hsu criticizing his recent comments about bank-fintech partnerships.
Hsu recently
The lawmakers ask Hsu to elaborate on what risk the acting Comptroller believes fintech-bank partnerships pose, "or if it is a byproduct of success in meeting consumer demand."
After the 2022 midterms, McHenry is
In their letter, McHenry, along with other Republicans on the fintech task force including Reps. Warren Davidson ofOhio, Pete Sessions of Texas, Tom Emmer of Minnesota and Bryan Steil of Wisconsin, said that the OCC hasn't been active in defining the parameters for banks and fintech firms to partner.
"Under the previous administration, the OCC worked to provide banks and their customers with a clear understanding of the regulatory and supervisory expectations surrounding emerging products and services and how to properly assess risk," they wrote. "While we expected the OCC to continue to provide clear rules of the road and support innovative banking services, such has not been the case."
The lawmakers ask if the OCC expects any fintech partnerships "will cease to exist" as a result of potential regulatory changes, and how the agency will "ensure that examiners do not discourage innovation through fintech partnerships."
Answers to these questions and to a range of others about how the OCC will oversee bank-fintech partnerships were requested by Oct. 31.
