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Bank Regulator Group Ends Fintech Charter Suit Against OCC

By Al Barbarino (January 18, 2022, 7:41 PM EST) -- State bank supervisors have dropped a suit challenging the Office of the Comptroller of the Currency's authority to grant charter status to nonbanks after a fintech firm agreed to subject itself to the same federal regulatory requirements that traditional banks face, the OCC announced.

The Conference of State Bank Supervisors dropped the December 2020 lawsuit after Figure Technologies Inc. made amendments to its charter application for Figure Bank, National Association that rendered the lawsuit moot, the OCC said in Friday's announcement.

Specifically, Figure Bank will now apply to the Federal Deposit Insurance Corporation for deposit insurance — a key component the...

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