Congress—and not the OCC—should decide whether fintech firms should be eligible for charters as special-purpose banks, two Democratic senators said Monday.
In a letter to Comptroller of the Currency Thomas Curry, Sens. Sherrod Brown (D-OH) and Jeff Merkley (D-OR) effectively said that the agency should abandon its already announced plans to design standards that would lead to charters. Brown is the ranking Democrat on the Senate Banking Committee, which has jurisdiction over the OCC.
"It is up to Congress to take action on these important matters, and while it does we would encourage the OCC to devote its resources to collaborating with other federal and state regulators to aid innovative financial services providers in navigating the current landscape of laws," the senators said.
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