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New York’s top banking regulator on Wednesday joined a growing chorus of critics attacking a federal government plan to help financial-technology companies expand by granting them national banking charters. “The ‘race to the bottom’ in consumer protection is not desirable, in New York or anywhere else - it will only lead to more predatory practices like payday lending,”.
Banking regulators in some of the largest states have said they plan to challenge Washington’s power to override them, arguing that states have been tougher on “fintech” firms than their federal peers. Ms. Vullo said the proposal would encourage a return to the types of risks that contributed to the financial crisis and would wind up weakening state consumer protection laws.
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