Senators voice opposition to OCC “fintech charter.”

Sens. Sherrod Brown (D-OH) and Jeff Merkley (D-OR), submitted a letter to the OCC about the agency’s plan to consider national bank charter applications from fintech firms. The senators questioned the agency’s authority to do so, and suggested that charters would allow fintech firms to avoid certain state and federal rules.

State regulation of non-banks is practically non-existent.

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