Coalition of community, labor, civil rights, faith-based groups oppose OCC Fintech Charter

The PaydayFreeLandia coalition, representing 15 states, plus the District of Columbia, demanded today that the Office of the Comptroller of the Currency (OCC) back off a dangerous plan that would gut their states’ strong consumer protection laws.

In a detailed letter submitted today to the national banks regulator, the coalition joined more than 270 community, labor, civil rights, faith-based, and military and veterans groups to strongly oppose the OCC’s recent action to offer a federal charter to technology, or “fintech,” companies that market financial products and services online.

“The OCC’s action is deeply alarming to all who care about responsible lending and the right and responsibility of states to protect their residents and oversee commerce within their borders… This charter would be disastrous for our states and we call on the OCC to withdraw it immediately.