OCC

The bureau wants to encourage more innovation without the threat of enforcement, but observers say regulators also need a testing ground to prove they can regulate fintech.

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The OCC has simplified language detailing how fintech charter applicants will clear requirements for meeting community needs. The move has some consumer groups worried.

The proposal released in May to clarify how banks comply with the proprietary trading ban would “undermine a fundamental provision" of Dodd-Frank, lawmakers said.

Fintech firms have the federal option they have long sought, but meeting the agency’s application requirements will not be easy.

The decision, unveiled just hours after the Treasury Department endorsed the charter concept, means some fintech firms could soon be regulated more like banks.

The OCC has terminated a 22-month-old consent order that stemmed from allegations that the bank unlawfully repossessed cars of members of the U.S. military.

The bank also agreed to pay a $5 million fine to settle allegations over how it obtained consumers' consent.

The federal bank regulators are considering roughly a dozen new rulemakings in response to the bill rolling back certain sections of Dodd-Frank.

The Fed, the FDIC and the OCC said Friday that they have begun implementing changes for regional banks under the new regulatory relief law passed in May.