Financial technology and cryptocurrency companies increasingly are seeking to become chartered as national banks. Some of these companies have a history of predatory lending and other risky practices. Allowing these companies to become nationally charted banks will make it harder for my Office to enforce local consumer protections and would create unnecessary risks in the national banking system.
That's why I joined other state attorneys general in calling on federal regulators to deny banking charters to companies with a history of harming consumers. My Office will continue fighting to ensure Maryland consumers receive the protections they deserve.
Full press release: oag.maryland.gov/News/Pages/Att…
