Ranking Member of the House Financial Services Committee ("Committee") Maxine Waters (D-CA) requested a hearing to review the recent decision by the Office of the Comptroller of the Currency ("OCC") to begin accepting applications for national bank charters from non-depository FinTech companies. As previously covered, according to a new OCC policy, FinTech companies that apply for and ultimately receive national bank charters will be supervised as other national banks.
In a letter, Ms. Waters asserted that the "[U.S.] financial system can, and must, do more to promote better access to fair and affordable financial services and products for all hardworking American consumers." She noted that consumer groups, small business owners and community banks have raised concerns about the OCC's FinTech charter framework. She stated that the Committee should invite Chair Jeb Hensarling to answer questions pertaining to OCC's "legal justification" for the new special charter for FinTech companies.
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