A storm is brewing between state regulators and the OCC over fintech licensing

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A storm is brewing between state regulators and the OCC over fintech licensing

A leading association of state banking regulators is trying to put the US National Banking Regulator in place of the issue of fintech registration.

As of December 22nd archiving, Conference of State Bank Supervisors, or CSBS, says the impending approval of Figure Technology’s bank charter is a bridge too far. Figure works blockchain-backed lending and investment services. It announced its Application to the Office of the Currency Controller for a charter in early November. At the time, CEO Mike Cagney noted the relative convenience of a national charter, saying, “We have over 200 state licenses next year without such a charter.”