When the Office of the Comptroller of the Currency (OCC) released an update to its Licensing Manual, which allows for FinTech companies to receive bank charter, the decision was met with some criticism. On Wednesday, The Conference of State Bank Supervisors (CSBS) announced that it has filed a complaint in the United States District Court for the District of Columbia against the OCC, claiming that the attempt to create a national nonbank charter will harm markets, innovation, and consumers.
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Source: DS News