State Regulators Sue OCC Over Fintech Charter

The Conference of State Bank Supervisors yesterday sued the Office of the Comptroller of the Currency over the agency’s plan to issue special-purpose national bank charters to fintech firms, American Banker reported. “Citing the National Bank Act, the bank supervisor group argued that the OCC has the authority to charter only those firms engaged in the ‘business of banking.’ The agency would need ‘specific congressional approval’ to create a charter for nondepository institutions, as the OCC plans to do, the group said.” The Wall Street Journal also has a report.

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