Fintech
New York sues OCC for allowing fintechs to become banks
This battle is brewing! The Office of the Comptroller of the Currency (OCC) opened up the application process for the National Bank Charter for Fintech companies in July 2018. “Providing a path for fintech companies to become national banks can make the federal banking system stronger by promoting economic growth and opportunity, modernization and innovation, and competition,” Comptroller Otting said. “It also provides consumers greater choice, can promote financial inclusion, and creates a more level playing field for financial services competition.” Source: https://www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-74.html However, not everyone is happy about this, with New York being the first state to sue the US...
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