The U.S. Court of Appeals for the Seventh Circuit issued a highly significant order on May 8, 2026 in the closely watched litigation challenging the Illinois Interchange Fee Prohibition Act (“IFPA”), vacating the district court’s judgment and remanding the case for further proceedings in light of the OCC’s recently issued Interim Final Rule and preemption order.… 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