CFPB, Federal Agencies, State Agencies, and Attorneys General
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…
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…
New York Governor Andrew Cuomo has nominated Linda Lacewell to become Superintendent of the state’s Department of Financial Services. Ms. Lacewell would replace Maria Vullo who announced last month that she will leave DFS on February 1.
Ms. Lacewell most recently served as Governor Cuomo’s Chief of Staff. She previously served as executive director of…
Maria Vullo, the current Superintendent of the New York Department of Financial Services, has announced that she will leave DFS on February 1, 2019.
Ms. Vullo, who has served as Superintendent since 2016, has been an aggressive regulator. In September 2018, she made a public announcement stating that the DFS intended to pursue what appeared…
On September 12th, the Conference of State Bank Supervisors (CSBS) announced that it would again pursue litigation in opposition to the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose national bank (SPNB) charter.
While it announced that its Board of Directors had approved renewing litigation against the OCC…
Identical bills have been introduced in the New York Assembly (A08938) and Senate (S07294) that would direct the New York Department of Financial Services (DFS) to issue a report on online lending by July 1, 2018.
The bills are intended to amend legislation signed into law by New York Governor Cuomo…
The Office of the Comptroller of the Currency (OCC) has filed a motion to dismiss the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository fintech companies.
The DFS lawsuit, which was filed in May 2017 in a…
The New York Department of Financial Supervision (DFS) has filed a complaint in a New York 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. The lawsuit follows the filing of a similar action earlier…
In May, we wrote that the New York Department of Financial Services (“DFS”) would soon be issuing revised debt collection regulations for debt buyers and third party debt collectors. On July 16, the DFS released the revised proposed regulations.
Among other things, the revised proposed rules would require a debt collector to substantiate not…
