New York regulator blasts OCC over plans for FinTech firms

A turf war is brewing between US state and federal regulators over oversight of the financial technology sector after New York’s top watchdog sent a stinging letter to the Office of the Comptroller of the Currency (OCC), telling it to back off plans for a national bank charter for fintech firms. In December the OCC said that it would begin accepting applications from fintech companies to become special-purpose national banks. The plan came after sustained lobbying from many in the fintech community because it will enable them to operate across state lines without having to deal with multiple jurisdictions. Read more: finextra.com