Oliver Ireland, a partner in Morrison & Foerster’s Financial Services Group, was quoted regarding two influential Democratic senators' surprise objections to the Office of the Comptroller of the Currency's fintech charter in the article “Industry Caught Off Guard By Senate Dem Opposition to Fintech Charter,” published by American Banker on January 9, 2017.
"The letter … presumes this is going to operate from the seat of the pants," said Mr. Ireland, noting that the senators seem to believe that charter holders would not endure "the kind of rigorous OCC exam and supervision process that national banks have historically gone through."
Mr. Ireland added, "It does elevate the issue politically. Will somebody try and hold hearings on it and examine [the charter] under a microscope? Probably so."
Read the full article (subscription required).