Washington, D.C. (April 26, 2017)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine issued the following statement on today’s Conference of State Bank Supervisors lawsuit against the Office of the Comptroller of the Currency.
“The Conference of State Bank Supervisors lawsuit filed today against the Office of the Comptroller of the Currency illustrates the serious concerns raised by the OCC’s unprecedented proposal to grant special-purpose national bank charters to financial technology companies. The CSBS suit seeks to prevent the national bank regulator from instituting a nonbank charter that the OCC is pursuing without congressional approval or a formal rulemaking process that would have clarified such important questions as the OCC’s expectations for capital, liquidity, supervision and examination as well as whether new charter holders would have direct access to the Federal Reserve’s clearing and payment system and its discount window.
“ICBA commends the CSBS for elevating this issue and remains deeply concerned with the OCC’s proposed fintech charter, which the agency has pursued without congressional authorization or a formal rulemaking process subject to public comment. As ICBA has advocated in letters issued in January and again earlier this month, we call on the OCC to request specific congressional authorization to grant fintech charters, propose rules for public comment, consult with the other banking agencies, clearly define which companies would be eligible, and ensure that any new chartered institution is subject to the same supervision and regulation as required of community banks.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.