“The New York State Department of Financial Services strongly supports the action taken today by the Conference of State Banking Supervisors (CSBS) against the Office of the Comptroller of the Currency (OCC). The National Bank Act does not provide the OCC with authority to create a new national bank charter for “fintech” companies. The proposal threatens to create an entirely new federal regulatory regime, threatening state sovereignty and strong state consumer protection laws, including New York’s usury laws and prohibitions on payday lending.
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