Creating a new federal bank charter for financial technology companies would not only stifle competition in a burgeoning sector of the economy, but also usurp already effective state regulation, New York’s financial services superintendent has argued in a letter to the Treasury Department opposing the plan.
Maria Vullo said the charter proposal by the federal Office of the Comptroller of the Currency (OCC) would represent the intrusion of federal officials into what she called the “fully functional and deeply rooted state regulatory landscape” over “fintech” companies.
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