Rep. Meeks and Colleagues Urge OCC to Require Strong Financial Inclusion from Fintech Firms

Rep. Meeks and Colleagues Urge OCC to Require Strong Financial Inclusion from Fintech Firms

Washington, D.C. – On Friday, January 13, 2017, senior Member of the House Financial Services Committee, Congressman Gregory W. Meeks (NY-05), was joined by six congressional colleagues in sending a letter urging the Office of the Comptroller of the Currency (OCC) to include measurable and enforceable financial inclusion requirements within its special purpose charter framework for fintech companies. The letter advocates for creating financial inclusion requirements for fintech firms, similar to those required of traditional banks pursuant to the Community Reinvestment Act (CRA).

“It’s been 40 years since the CRA was enacted, and the financial services industry continues to evolve in pace with new emerging technologies.  Our consumer laws, including the CRA which requires traditional banks to meet the credit needs of their communities, should also evolve,” Congressman Meeks said. “By creating a CRA-like framework for fintech companies, the OCC is taking a bold step toward making sure all consumers, not just a few, receive the financial benefits of new technologies.”

The letter – in response to a recent OCC whitepaper soliciting comments on its recent fintech charter proposal – was co-led by Cedric L. Richmond, Chair of the Congressional Black Caucus and co-signed by Representatives Gwen Moore, Terri A. Sewell, Donald M. Payne, Jr., and Tony Cárdenas.

The letter follows an October 2016 letter Rep. Meeks sent to the federal banking agencies requesting that they update their Community Reinvestment Act (CRA) guidance to comport with changes in the financial services industry. 

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