The Conference of State Bank Supervisors has filed a complaint in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank (SPNB) charters to fintech companies.

In comments filed on the OCC’s proposal, the CSBS and others asserted that the proposal would allow fintech companies to avoid state consumer protection laws and make it more difficult for states to enforce such laws by removing their visitorial oversight. … Continue Reading