A storm is brewing between state regulators and the OCC over fintech licensing

imageCryptocurrency44 minutes ago (Dec 24, 2020 03:00PM ET)

A storm is brewing between state regulators and the OCC over fintech licensing

A leading association of state banking regulators is trying to put the U.S. national banking regulator in its place on the issue of fintech registration.

Per a Dec. 22 filing, the Conference of State Bank Supervisors, or CSBS, says the impending approval of Figure Technology’s bank charter a bridge too far. Figure operates blockchain-backed lending and investment services. It announced its application to the Office of the Comptroller of the Currency for a charter at the beginning of November. At the time, CEO Mike Cagney noted the relative convenience of a national charter, saying:”we’ll have over 200 state licenses next year without such a charter.”

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A storm is brewing between state regulators and the OCC over fintech licensing

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