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2017 Press Releases
Florida and Arkansas Begin Using Uniform Mortgage Test; 54 State Agencies Now Using the Test
State Regulators Oppose OCC Special Charter For Non-Banks
State Financial Regulators Release BSA/AML Compliance Tool for Industry
CSBS Board Appoints Wyoming’s Albert Forkner as Chairman-Elect
State Regulators Promote “Fintech Friendly” Features of National Registry
College Students Participate in Nationwide Community Bank Competition
Statement on the Illinois Fintech Regulatory Roundtables
CSBS Urges Congress to Weigh in Against OCC Non-Bank Charter
State Regulators Highlight EGRPRA Priorities for Financial Regulatory Relief
Gonzales, Hughes and Jones Re-Appointed to FFIEC State Liaison Committee
State Regulators Announce Changes to Money Services Businesses Reporting
State Regulators Issue Cease-and-Desist Orders to Subsidiaries of Ocwen Financial Corp.
CSBS Files Complaint Against Comptroller of the Currency
Gonzales Elected as State Liaison Committee Chairman
Stork Appointed to FFIEC State Liaison Committee
CSBS Announces Vision 2020 for Fintech and Non-Bank Regulation
CSBS Statement on New York Department of Financial Services Lawsuit Against OCC
CSBS Announces Five Finalist Teams in the 2017 Bank Case Study Competition
CSBS Announces New Leadership
The University of Akron Wins First Place in CSBS Community Bank Competition
Fed Chair Yellen Will Open 2017 Fed/CSBS Community Banking Research Conference;
FFIEC Proposes Additional Revisions to Streamline “Call Report” for Small Institutions
State Regulators Call for an End to One-Size-Fits-All Bank Regulation
State Regulators and U.S. Secret Service Issue Industry Best Practices for Combating Cyber Crime
Louisiana Regulator to Guide Nationwide Licensing and Supervision System for Fintechs and Other Non-Banks
State Regulators Issue Annual Reports on Non-Bank Supervision
CSBS Launches Fintech Advisory Panel to Help Modernize State Regulation
CSBS to OCC: Fintech Charter Lacks Legal Authority
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 3/15/2017 

Media Release

Conference of State Bank Supervisors
        1129 20th Street, NW, 9th Floor, Washington, DC, 20036

 CSBS Urges Congress to Weigh in Against OCC Non-Bank Charter  

 “A Solution in Search of a Problem”

Statement from John W. Ryan, President and CEO, Conference of State Banking Supervisors (CSBS), in response to the Office of the Comptroller of the Currency (OCC) decision to move forward with creating national bank charters for financial technology companies and other non-banks, and begin considering applications.


“Today’s announcement by the OCC sets a dangerous precedent. The OCC has acted beyond the legal limits of its authority, bypassed and ignored bipartisan objections from Congress, and created new risks to consumers and taxpayers. The new OCC charter preempts existing state consumer protections without a comparable mechanism to replace them. It also exposes taxpayers to the risk of inevitable fintech failures. This is a dangerous combination.”


“It is deeply unsettling that the OCC chose to ignore the public record – including letters from Republicans and Democrats in Congress -- warning of the harm this action will cause to consumers and the added risks to taxpayers. CSBS is exploring all options. We urge Congress to continue to weigh in on this important issue.


“The OCC charter is a solution in search of a problem. Today, state regulators supervise a vibrant system of non-depository regulation. Tens of thousands of mortgage, money transmission, debt collection, and consumer finance companies operate under state charters. Through a nationwide licensing system, supported by Congress, these non-banks have access to a streamlined process to obtain licenses to operate in one or more states. State regulators continuously improve this process – having slashed approval times by half in recent years – and lead the way in developing model frameworks and consumer protections for cutting-edge areas like virtual currency. And by its very nature, state regulation limits systemic risk.”


CSBS submitted a detailed comment letter to the OCC in January, raising numerous concerns regarding a federal charter. Additional information is available at https://fintech.csbs.org.  

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