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State bank regulators sue OCC over FinTech charters

Joe Mont | October 29, 2018

The Conference of State Bank Supervisors this week filed a complaint in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency. It seeks to prevent the agency from granting special national bank charters to non-banks, specifically FinTech firms, arguing that such charters exceed the authority granted by Congress.

The CSBS is the national organization of bank regulators from all 50 states and U.S. territories. “Common sense and the law tell us that a non-bank is not a bank,” says John Ryan, its president and CEO, adding that his organization “is calling on the courts to stop the unlawful, unwarranted expansion of powers by the OCC.”

In December 2016, the OCC announced it was considering applications from financial technology...

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