Comptroller of the Currency Thomas Curry on Monday defended plans to offer a nonbank charter to fintech firms, disputing arguments by state regulators that his agency lacks the legal authority to do so and emphasizing that it will appropriately monitor any firms that go through the rigorous application process.

“Some have questioned whether we have the authority to grant charters to such companies and the experience to supervise them,” Curry said, speaking in New York at the annual LendIt conference. “To be clear, the National Bank Act does give the OCC the legal authority to grant national bank charters to companies engaged in the business of banking.”

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