Consumer Financial Protection Bureau headquarters in Washington, D.C. Consumer Financial Protection Bureau headquarters in Washington, D.C.

Federal and state banking regulators have been fighting for years over who has the right to regulate financial technology providers (fintechs). The center of this battle has been a series of lawsuits brought against the Office of the Comptroller of the Currency (OCC) by various state banking regulators, including the New York Department of Financial Services. These actions were initiated to prevent the OCC from issuing special-purpose national bank charters to non-depository fintech companies and to uninsured deposit-taking fintechs, which would enable the OCC to supervise these fintechs.

After sitting on the sidelines silently watching this battle for five years, the Consumer Financial Protection Bureau (CFPB) announced this April that it intends to begin using a “dormant” authority to conduct regulatory examinations of nonbank financial companies when they pose risks to consumers. This has created further confusion among fintechs over who will be supervising them.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2022 ALM Global, LLC. All Rights Reserved.