CSBS to OCC: Fintech Charter Lacks Legal Authority

Washington, D.C. — Conference of State Bank Supervisors (CSBS) President and CEO John W. Ryan issued the following statement today in response to comments made today by Keith Noreika, Acting Comptroller of the Currency (OCC), on national bank charters for non-banks.

“CSBS continues to believe that the OCC’s proposed fintech charter lacks legal authority. Legal precedent and common sense suggest as much. Now, it is a matter for the courts to decide. Meanwhile, state regulators are focused on modernizing non-bank regulation to make state licensing and supervision more effective and integrated across the 50 states.”

Media Contacts:
Jim Kurtzke, jkurtzke@csbs.org or 202-728-5733

Twitter: @CSBSNews

The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.