Venable partner John Beaty was quoted in an October 17, 2016 American Banker article on the reaction of regulators to the Office of the Comptroller of the Currency's proposed fintech charter. Aside from numerous legal and policy questions, federal and state regulators are concerned about how the charter could affect their ability to regulate firms under this jurisdiction.
"The agencies all are concerned about their own turf," said Beaty. "There's an inherent competition among" them.