Analysis

Inside The Legal Battle For The Future Of Fintech

By Philip Rosenstein (June 3, 2019, 3:48 PM EDT) -- A simmering turf battle between New York state and the Office of the Comptroller of the Currency has left many fintech companies in a frustrating holding pattern as they wait for the courts to decide how they will ultimately be regulated.

The OCC and New York's financial regulator are locked in a legal battle that will define how large swaths of the fintech industry will be regulated. The OCC said last July it was ready to begin accepting applications for a special purpose national bank charter for fintech companies, providing a simplified avenue to engage in banking activities on a national...

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