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Senators Sherrod Brown and Jeff Merkleysaid said this week that Congress should be the one to oversee fintech firms and that “it is far from clear whether the OCC has authority to grant national bank charters to institutions that don’t accept deposits."
“We would urge the OCC to refrain from offering any alternative or special purpose charters,” wrote Sens. Brown and Merkley in a letter to Comptroller of the Currency Thomas Curry. “It is up to Congress to take action on these important matters, and while it does we would encourage the OCC to devote its resources to collaborating with other federal and state regulators to aid innovative financial services providers in navigating the current landscape of laws.”
http://www.wsj.com/articles/democratic-senators-criticize-fintech-charter-plan-1483996432
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