skip to Main Content
State Regulators Sue OCC Over Fintech Charter

State Regulators Sue OCC Over Fintech Charter

Oct. 26, 2018 — The Conference of State Bank Supervisors filed a complaint against the Office of the Comptroller of the Currency to prevent it from granting special-purpose national bank charters to nonbank financial technology companies.

The complaint renews a CSBS suit that was dismissed in May because the OCC at the time had not yet determined whether to move ahead with the charter. The CSBS is now seeking court action based on the OCC’s announcement earlier this year that it is accepting applications.

ICBA commends CSBS for elevating the serious concerns raised by the charter. ICBA believes the OCC should not issue any fintech charters absent specific congressional authorization.

In a news release issued after the OCC’s announcement in August, ICBA said it remains concerned that the charter would create an unlevel regulatory playing field.

Read More From CSBS

 

 

 

Article Link

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top