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Financial Services Law Insights and Observations

NYDFS to Oppose Any Effort to Federalize Regulation of FinTech Companies

State Issues Consumer Finance OCC NYDFS Fintech

State Issues

On December 2, NYDFS Superintendent Maria T. Vullo issued a public statement stating the NYDFS’ opposition to “any effort to federalize” regulation of Fintech companies, such as that proposed recently by the OCC in its announcement on Fintech charters. According to Superintendent Vullo, state regulators have “long-standing expertise in this arena” and are therefore best positioned to balance innovation with a tailored regulatory regime.”