Head of the OCC Reacts to Lawsuits From the States
The head of the Office of the Comptroller of the Currency (OCC), Joseph Otting, has penned an op-ed in American Banker arguing why the fintech charter will give consumers greater choice when it comes to financial services. He hit back at the Conference of State Bank Supervisors and the New York Department of Financial Services who have both filed lawsuits against the OCC to try to stop the charter. He says critics of the fintech charter have three basic arguments, all of which are without basis. Source.