Two top Senate Democrats voiced concerns Monday about the national bank regulator’s plan to offer a federal banking license to financial technology firms, questioning whether the agency had the authority to do so, among other things. In their letter to the office of the comptroller of the Currency, Sens. Sherrod Brown of Ohio and Jeff Merkley of Oregon said that Congress should be the one to oversee fintech firms and that “it is far from clear whether the OCC has authority to grant national bank charter”. Read more: wsj.com
