State bank regulators sue feds over bank charter for ‘fintech’ firms

From: The Washington Examiner

by Colin Wilhelm

State bank regulators are suing a federal counterpart over a provision aimed at defining banking in the Internet age.

The Conference of State Bank Supervisors filed a lawsuit against the Office of the Comptroller of the Currency Thursday over the latest version of its financial technology charter. The charter would allow financial technology companies that don’t take deposits to circumvent state-by-state registration and some state-level regulations, as banks do.

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