USA was sued for granting authorizations to fintech startups
The Department of Financial Services of the State of New York denounced the US state to prevent them from granting concessions of national banking letters
On Monday, it was learned that the Department of Financial Services of the State of New York issued a lawsuit against the United States government to prevent it from continuing to grant domestic bank letters to new Fintech startups.
The person in charge of this was Maria Vullo, who is superintendent of the Department and who also issued the complaint against the Office of the Comptroller of Currency (OCC).
According to the plaintiffs, granting new concessions could lead to significant risks for the most vulnerable clients, who could be exploited unfairly.
Since July of this year, the OCC has been in charge of issuing banking licenses to new companies related to technological finance and since then many people have opposed this, as the case of Vullo.
This measure, in the words of the superintendent, could harm state banks as a result of the creation of companies that “are destined to fail”.
Meanwhile, the OCC ensures that these actions are based on supporting the growth of financial services throughout the country.
K. Tovar
Source: Coincrispy
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