Lawsuit by New York bank regulator over OCC fintech charter dismissed

Last month, the US District Court for the Southern District of New York dismissed the lawsuit brought last spring by the New York State Department of Financial Services (DFS) challenging the ability of the federal banking regulator, the Treasury Department’s Office of the Comptroller of the Currency (OCC), to issue a specialized bank charter to financial technology businesses. (See our previous post on the lawsuit here.) As noted in our previous posts on this matter, in 2016, the OCC asked for comments from the public regarding it possibly issuing a special purpose national bank charter to financial technology companies. The DFS, among many other commenters, registered its opposition to the concept, arguing, among other things that it would lead to regulatory uncertainty. A 2017 issuance setting out proposed requirements for issuance of such a bank charter also was opposed by the DFS and the Conference of State Banking Supervisors (CSBS), the trade association for state…

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