SPNB

OCC and N.Y. State Department of Financial Services Trade Contentious Pre-Motion Letters in Fintech Charter Dispute

By Elanor A. Mulhern on November 30, 2018

Posted in Federal Agencies, OCC, Regulatory and Enforcement

Attorneys for defendants, U.S. Comptroller and the Office of the Comptroller of the Currency (together “the OCC”), in the pending Southern District of New York lawsuit, Vullo v. OCC, submitted a letter to the court announcing their intent to move to dismiss the complaint brought by New York’s Superintendent of the Department of Financial Services (“DFS”).… Continue Reading

CSBS To Oppose OCC Fintech Charter (Again)

By Scott A. Coleman on September 13, 2018

Posted in Federal Agencies, Fintech, OCC, Regulatory and Enforcement

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 at an August 28 meeting, the CSBS did not indicate when it plans to file the lawsuit. … Continue Reading