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Top NY Finance Cop Blasts Idea Of Federal Fintech Charter (Law360)
Law360, July 11, 2016
Top NY Finance Cop Blasts Idea Of Federal Fintech Charter
New York’s top financial services regulator on Monday said that the creation of a federal charter for online lenders would be a “massive mistake,” staking a claim for state regulation of the emerging industry even as federal counterparts express openness to the idea. New York Superintendent of Financial Services Maria T. Vullo said in an appearance at the New York City Bar Association that state regulators have a good handle on emerging lending options, ranging from marketplace lenders to firms engaging in online payday and other high-interest loans, and that a federal charter was not necessary to make sure they had appropriate regulatory oversight.
