The Conference of State Bank Supervisors announced a raft of measures Tuesday designed to simplify multistate licensing and regulatory oversight for fintechs and other companies registered as money-services businesses.
Fintech companies can help consumers and small businesses obtain credit at lower costs, but it is critical to ensure that these innovative companies do not harm borrowers with predatory or discriminatory lending practices.
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The Office of the Comptroller of the Currency’s proposal to require fintech charter applicants to draft and comply with a financial inclusion plan appears to have more teeth than similar Community Reinvestment Act requirements for banks.
Vice President of Government Affairs for PaymentsFinancial Services Roundtable
The Office of the Comptroller of the Currency is trying to do its part to address fintech regulation, but the OCC lacks the mandate to solve the broader fintech issues facing the entire financial ecosystem.