OCC

House Republicans' concern with the Office of the Comptroller of the Currency's fintech charter signals growing lawmaker resistance to the plan, which was already opposed by two prominent Senate Democrats earlier this year.

Comptroller of the Currency Thomas Curry defended plans to offer a nonbank charter to fintech firms, disputing, among other things, arguments that his agency lacks the legal authority to do so.

A broad range of industry players are panning an October proposal by bank regulators that would impose new cybersecurity requirements on big banks, arguing it will only slow them down.

The Treasury Department's Financial Crimes Enforcement Network said Merchants failed to properly monitor money-services businesses that had ownership ties with bank insiders.

Though backward-looking, the exam restricts the company from buying banks or opening branches outside the Northeast.

The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license.

Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.

Jan Owen, California's commissioner of business oversight, on Tuesday invited representatives of 13 fintech companies to a "frank, constructive dialogue" on the obstacles they face with state licenses.

While this will hold fintech to similar regulatory standards as traditional FIs, credit unions are especially vulnerable to these potential disruptors.

If offering a national regulation option to fintech players is the carrot, compliance with commonsense borrower protections could be the stick in promoting responsible financial innovation.