NY Asks 2nd Circ. To Affirm Block On Fintech Charter

By Philip Rosenstein (July 24, 2020, 7:41 PM EDT) -- New York state's top financial regulator has asked the Second Circuit Court of Appeals to affirm a lower court decision blocking the OCC's fintech charter, reiterating the argument that taking deposits is central to the definition of the business of banking under the National Bank Act.

On Thursday, the New York Department of Financial Services filed a brief challenging the U.S. Office of the Comptroller of the Currency's authority to issue fintech charters under the NBA, asserting that it has standing to sue and that its claims are ripe for adjudication given the imminent harm the agency would face should nondepository...

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