The New York State Department of Financial Services (DFS) continues to oppose the Office of the Comptroller of the Currency (OCC)’s proposal to create a new national bank charter for any entity deemed by the OCC to fit within the amorphous category of “fintech.” The imposition of an entirely new federal regulatory scheme on an already fully functional and deeply rooted state regulatory landscape will invite efforts to evade state usury laws and other consumer protections, stifle small business innovation, create institutions that are too big to fail, and increase the risks presented by nonbank entities.
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