McHenry, FinTech Task Force Republicans Urge OCC’s Hsu to Provide Certainty for Bank-FinTech PartnershipsWashington, October 11, 2022 -Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), led Republican members of the Task Force on Financial Technology in sending a letter to the acting head of the Office of the Comptroller of the Currency (OCC), Michael Hsu. FinTech Task Force Republicans are urging Acting Comptroller Hsu to clarify the OCC’s position on partnerships between banks and financial technology firms and provide clarity to the marketplace. Technological innovation fostered by fintech partnerships has enabled banks to reach segments of the population that may have been left behind and increase customer engagement. When properly regulated, these partnerships can provide greater financial inclusion, spur technological innovation, and foster competition that ultimately benefits consumers. Fintech partnerships can lead to cost savings for both fintechs and banks, increase competition, and provide faster, better, and cheaper banking products and services for consumers.

Source: Fox News October 11, 2022 18:34 UTC