Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

States were too quick on the draw suing OCC over FinTech charters

Joe Mont | May 2, 2018

The Conference of State Bank Supervisors (CSBS) has suffered a setback to its lawsuit against the Office of the Comptroller over its plan to offer bank charters to FinTech companies.

A court ruling from the U.S. District Court for the District of Columbia, filed on April 30, says their lawsuit is too early for its consideration because the OCC’s plan has yet to be implemented.

Their arguments were deemed “not persuasive when considered against the hardship to the OCC if each minor step towards a potential agency policy were litigated one-by-one as the policy becomes more settled,” the opinion by Judge Dabney Friedrich says. “For these reasons, the prudential ripeness doctrine counsels in favor of allowing time to sharpen this dispute before deciding it. Indeed, there may ultimately be no case to decide at all if the OCC does not charter a Fintech. Therefore, even if CSBS had successfully...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.