Giving federal licenses or charters to non-bank fintech companies could be harmful to consumers, Conference of State Bank Supervisors President and CEO John Ryan warned.
A Consumer Financial Protection Bureau taskforce recently recommended Congress either authorize the bureau to issue federal charters or licenses to non-bank fintech companies engaged in payments, remittances, or lending services, or clarify the authority of the Office of the Comptroller of the Currency.
Read on for more from Ryan.
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