The U.S. Court of Appeals for the Second Circuit has ruled that the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies should be dismissed for lack of Article III standing. In December 2017, the DFS’s first lawsuit challenging the OCC’s issuance of SPNB charters was also dismissed for lack of Article III jurisdiction.… Continue Reading
Search results for: fintech charter
OCC fintech charter expected to receive attention at April 15 House hearing on banking innovation
By Ballard CFS Group on
On April 15, 2021, the House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions will hold a hearing titled, “Banking Innovation or Regulatory Evasion? Exploring Trends in Financial Institution Charters.” A topic expected to receive attention at the hearing is the OCC’s decision to accept applications for special purpose national bank charters from non-depository fintechs. … Continue Reading
Second Circuit hears oral argument in OCC appeal from district court judgment in NYDFS lawsuit challenging fintech charter
By Alan S. Kaplinsky on
The U.S. Court of Appeals for the Second Circuit held oral argument last week in the OCC’s appeal from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.… Continue Reading
OCC files reply brief with Second Circuit in appeal from district court judgment in NYDFS lawsuit challenging fintech charter
By Alan S. Kaplinsky on
The OCC has filed its reply brief with the Second Circuit in its appeal from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.
In May 2019, the district court denied the OCC’s motion to dismiss and found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving deposits as an aspect of the business.” … Continue Reading
NYDFS files brief with Second Circuit in OCC’s appeal from district court judgment in lawsuit challenging fintech charter
By Alan S. Kaplinsky on
The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.
In May 2019, the district court denied the OCC’s motion to dismiss and found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving deposits as an aspect of the business.” … Continue Reading
OCC files brief with Second Circuit in appeal from district court judgment in NYDFS lawsuit challenging fintech charter
By Ballard CFS Group on
The OCC has filed its opening brief in its appeal to the Second Circuit from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies.
In May 2019, the district court denied the OCC’s motion to dismiss and found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving deposits as an aspect of the business.” … Continue Reading
OCC appeals NY federal district court final judgment in NYDFS lawsuit challenging fintech charter
By Alan S. Kaplinsky on
The OCC has appealed to the Second Circuit from the district court’s final judgment entered in October 2019 in the lawsuit filed by the New York Department of Financial Services seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. In the final judgment, the district court denied the OCC’s motion to dismiss and found that the term “business of banking” as used in the National Bank Act “unambiguously requires receiving deposits as an aspect of the business.” … Continue Reading
NY federal district enters final judgment against OCC in NYDFS lawsuit challenging fintech charter
By Ballard CFS Group on
In May 2019, a New York federal district court denied the OCC’s motion to dismiss a lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. In doing so, the court found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving deposits as an aspect of the business.” … Continue Reading
Court dismisses lawsuit filed by state regulators to block OCC fintech charter
By Alan S. Kaplinsky on
The D.C. federal district court has granted the OCC’s motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) to block the OCC from issuing special purpose national bank (SPNB) charters to fintech companies.
The CSBS lawsuit was the second lawsuit filed by CSBS attempting to block the OCC from issuing SPNB charters. … Continue Reading
This week’s podcast: OCC fintech charter: assessing the opposition and looking ahead to possible next steps for the OCC
By Barbara S. Mishkin on
Opposition from state regulators to the OCC’s decision to issue special purpose national bank (or fintech) charters continues to be vigorous. In this podcast, we review the charter’s potential benefits, assess the legal arguments made by its opponents, discuss the federal court decision refusing to dismiss the NY banking regulator’s lawsuit, why we think it’s incorrect, and possible next steps for the OCC, and look at fintech charter alternatives.… Continue Reading