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As the Office of the Comptroller of the Currency (OCC) considers issuing bank charters to fintechs, individual states would be better served insisting on an even playing field, rather than suing to stop the charters all together. So reads an op-ed in The Hill.
The Conference of State Bank Supervisors and New York Department of Financial Services both have lawsuits seeking to prevent the OCC from issuing charters. They are arguing the OCC is infringing on states’ jurisdiction of non-bank lenders and transmitters.
Read the full article from The Hill.
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