At the end of last year , the Office of the Comptroller of the Currency ( OCC ) received a letter from the New York State department of Financial Services advising it to avoid using " technological advances as an excuse to try to usurp regulatory laws that already regulate fintech companies " . The letter says the OCC is lacking experience when it comes to regulation of non - bank financial institutions .
At the end of last year, the Office of the Comptroller of the Currency (OCC) received a letter from the New York State Department of Financial Services advising it to avoid using "technological advances as an excuse to attempt to usurp state laws that already regulate fintech activities". The letter claimed the OCC is lacking experience when it comes to regulation of non-bank financial institutions.