As we reported, a dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued on May 2 by a New York federal district court in the lawsuit filed by the New York Department of Financial Services
FinTech
Fed proposal to revise control rules would not create alternative to OCC fintech charter
By Scott A. Coleman on
The Federal Reserve Board has published in the Federal Register a notice of proposed rulemaking with request for comment on a proposal to simplify and increase transparency of its rules for determining control of a banking organization. The proposal’s comment period closes on July 15, 2019.
The proposed revisions to the Board’s control regulations would…
House Financial Services Committee establishes financial technology and artificial intelligence task forces
By Barbara S. Mishkin on
Last week, the House Financial Services Committee established two task forces, one on financial technology and the other on artificial intelligence. Both task forces were established pursuant to resolutions adopted by unanimous consent.
The “Task Force on Financial Technology” will examine the current legal framework for fintech, how fintech is used in lending, and…
NY federal district court deals blow to OCC fintech charter
By Jeremy T. Rosenblum on
A dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued last week by a New York federal district court in the lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block…
FDIC and Duke University announce fintech research conference
By Brian Slagle on
This Wednesday April 24th, the Federal Deposit Insurance Corporation and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative will host a conference titled “Fintech and the Future of Banking” in Arlington, Virginia. The FDIC describes the catalyst for the event as the belief that “at the intersection of research and…
NYDFS files opposition to OCC motion to dismiss lawsuit challenging fintech charter
By Alan S. Kaplinsky on
The New York Department of Financial Services has filed a memorandum of law opposing the OCC’s motion to dismiss the NYDFS’s second lawsuit seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies.
In its motion to dismiss, the OCC argued that the court lacks subject matter jurisdiction…
This week’s podcast: The CFPB’s innovation proposals: criticisms and next steps
By Barbara S. Mishkin on
Posted in CFPB Monitor, FinTech
The CFPB has issued proposals to revise its disclosure sandbox and no action letter policy and create a product sandbox. In this week’s podcast, we review what the CFPB has proposed, assess the criticism advanced by state attorneys general and consumer advocates, and discuss the CFPB’s likely next steps and how the proposals’ critics…
CFPB announces March 2019 advisory group meetings
By Barbara S. Mishkin on
Posted in CFPB Monitor, FinTech
The CFPB has published notices in the Federal Register announcing that its Consumer Advisory Board, Credit Union Advisory Council, and Community Bank Advisory Council will hold meetings in Washington, D.C. on March 14, 2019.
All of the meetings are scheduled to take place at the same time, thus suggesting that the groups will…
OCC moves to dismiss NY DFS lawsuit challenging fintech charter; more filings in CSBS lawsuit challenging fintech charter
By Alan S. Kaplinsky on
As expected, the OCC filed a motion to dismiss the second lawsuit filed by the New York Department of Financial Services (DFS) in a New York federal district court to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. The OCC also filed a reply brief in support of its…
CSBS and OCC battle over discovery in lawsuit challenging fintech charter
By Alan S. Kaplinsky on
Earlier this month, the Conference of State Bank Supervisors (CSBS) filed a brief opposing the OCC’s motion to dismiss the second lawsuit filed by CSBS to stop the OCC from issuing special purpose national bank (SPNB) charters to fintech companies. That brief was accompanied by an “Alternative Motion for Leave to Conduct Discovery”…