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Regulators Express Concern Over Fintechs' Potential Lack of State Oversight

The Conference of State Bank Supervisors is suing the Office of the Comptroller of the Currency over its plan to award national bank charters to Fintechs dealing with online lending and payment functions. So reports PYMNTS.

The suit was filed in U.S. District Court for the District of Columbia. The lawsuit stems from concerns that Fintechs would be able to operate across the country without state-by-state licenses under the proposed charter terms. Regulators expressed concerns consumers may be vulnerable without the strength of state oversight.

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