Article: How the OCC’s Fintech Charter Initiative Angered Republicans

From the American Banker [Subscription Required]:

In his efforts to defend his agency’s fintech charter from attacks by the left, Comptroller of the Currency Thomas Curry appears to have ignited a firestorm on the right.

Thirty-four House Republicans demanded last week that the Office of the Comptroller of the Currency slow down the effort to offer a limited-purpose bank charter to companies like online lenders and payment processors, threatening potentially to overturn any decision if it did press ahead.

“To rush out the door at the final hour a special charter that is likely to have something for everyone to dislike is not only counterproductive, but downright dangerous,” said Rep. Patrick McHenry, R-N.C.

Sources on the Hill suggested that Republican reservations on the charter had been simmering even before the speech.

Critics on both sides of the aisle feel that the OCC has proceeded in a relatively opaque manner by issuing policy papers and guidance, rather than undergoing a formal rulemaking process.