Fintech regulations

Congressional action is necessary to give financial regulators the tools they need to promote responsible innovation.

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.

Access to banking information ensures advisors can perform holistic planning, fintech firms say.

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.

In a speech, Consumer Financial Protection Bureau Director Richard Cordray said the agency enforces “with the principle of equal justice” so enforcement actions don’t seem random.

Readers sound off on airing political opinions at the office; putting banks and fintechs under the same regulatory umbrella; putting consumer needs first regardless of tech advancements; and more.

An improved state-level system could be a tremendous advantage. Working closely with a cooperative regulator, innovators large and small can rapidly test a concept within state lines.

New York State Department of Financial Services Superintendent Maria T. Vullo speaks out on cybersecurity regulation, cracking down on bad actors in the industry and the OCC's fintech charter.

New York State Department of Financial Services Superintendent Maria T. Vullo speaks out on cybersecurity regulation, cracking down on bad actors in the industry and the OCC's fintech charter.