Washington, DC, May 15, 2021 – In response to Acting Comptroller of the Currency Michael Hsu’s testimony in front of the House Committee on Financial Services, the Financial Technology Association said the following:

FTA supports the Acting Comptroller’s statements regarding the OCC’s unique authority to grant charters and its capacity to provide strong oversight and enhanced provisions when needed. FTA understands and agrees with Acting Comptroller Hsu’s further statement that the OCC “expect[s] any fintechs that the OCC charters to address the financial needs of consumers and businesses in a fair and equitable manner and support the important goal of promoting the availability of credit.” As previously expressed, such a sentiment is fully consistent with FTA’s mission and goals to safeguard consumers and advance the development of trusted, digital financial markets and services that support inclusion and innovation.