Waters Statement on OCC Fintech Charter Announcement and Treasury Report
Today, in response to the U.S. Department of Treasury’s regulatory report on financial technology (fintech) and the Office of the Comptroller of the Currency’s (OCC) announcement that it will accept applications for national bank charters from fintech companies, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement:
“I am deeply concerned by the OCC’s announcement that it will begin accepting applications for national bank charters from fintech companies. As Americans are banking and accessing credit in new ways, it is important that we encourage responsible innovation with the appropriate safeguards in place to protect consumers and without displacing traditional banking institutions. I have great hopes that fintech firms can open up opportunities for those who have been excluded from access to responsible credit, but I strongly believe that there must be adequate protections for consumers, and that abusive payday lending practices must not be allowed.