Fintech News | Fintech Zoom

U.S. banking regulator fights NY lawsuit over fintech charters

The U.S. Office of the Comptroller of the Currency has asked a Manhattan federal court to dismiss a lawsuit by a New York financial regulator over its plan to issue banking charters to fintech companies, saying the lawsuit is premature.

In a motion on Tuesday, the OCC said it has not even received an application from a financial technology company for a charter, let alone approved one. The New York State Department of Financial Services (DFS) thus lacks standing to sue because it cannot point to any harm it has suffered from the OCC’s plan, the agency said.

Oliver Smith

Add comment

Advertising