The Independent Community Bankers of America (ICBA) recently sent a letter to Comptroller of the Currency Thomas Curry expressing the organization’s concerns about the regulator’s intention to consider establishing a new category of special purpose national bank charters for financial technology companies.
The letter states that the ICBA would oppose the issuing of any fintech charter not subject to the same supervision and regulation as a community bank, which may result in an unfair competitive advantage for such entities. Read on to learn what the letter states.