Former U.S. Regulator Urges Open Minds On Federal Fintech Licensing

A former U.S. regulator and chief architect of a federal licensing regime for non-bank innovators has told PaymentsCompliance that his ambitious vision is more than just an alternative to state-by-state oversight.

Thomas Curry, who was head of the Office of the Comptroller of the Currency (OCC) from 2012 to 2017 and visionary behind its fintech charter regime, described how the initiative was part of a groundswell of attention being paid to innovation in a sector grappling with fractured regulatory oversight.

Curry, now a partner at Nutter McClennen & Fish, suggested that the charter application process should be viewed not only as a licensing option but as an alternative to a federal-level regulatory sandbox.

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