A federal banking regulator doesn’t have the authority to grant national charters to financial technology companies, a federal judge ruled, a blow to the Trump administration’s effort to offer firms a new pathway to the traditional banking system. The ruling, by a federal district court in New York, is a victory for state financial regulators that want to block the U.S. Office of the Comptroller of the Currency from issuing national operating licenses to so-called fintech firms—typically nonbank companies offering financial services online
See: banks, banking, bankregulators, OCC, National Bank Act, nonbanks
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