OCC, NY Each Get Boost In 2nd Circ.'s Fintech Charter Punt

Law360 (June 8, 2021, 6:24 PM EDT) -- New York's procedural defeat last week at the Second Circuit in its battle against a federal fintech bank charter did little to clarify the scope of the Office of the Comptroller of the Currency's chartering authority, but both agencies nevertheless have reason to be optimistic about the outcome.

On June 3, a Second Circuit panel threw out the New York Department of Financial Services' latest lawsuit challenging the OCC's program to charter nondepository fintechs as national banks, an initiative that's been dogged by litigation from state regulators since even before its launch three years ago.

The panel ruled that DFS lacked...

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