Search Results for "Conference of State Bank Supervisors (CSBS)"
4 results for "Conference of State Bank Supervisors (CSBS)"
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Figure Technologies OCC Fintech Charter Review Completed, Decision Pending
OCC Acting Comptroller Michael Hsu indicated in December 2021 that the review of Figure Technologies' national bank charter application was complete, with a decision expected shortly. Figure, a blockchain-based fintech, had originally filed in November 2020. No approval was granted in December 2021, but the pending decision signaled a potential landmark moment for fintech chartering.
CSBS Files Lawsuit to Block Figure Technologies OCC Charter Application
The Conference of State Bank Supervisors (CSBS) filed a lawsuit to block the OCC's approval of Figure Technologies' national bank charter application. The legal challenge exemplified the ongoing federal-state battle over fintech chartering authority that shaped the BaaS industry's structure.
CSBS and OCC Battle Over Discovery in Fintech Charter Litigation
The Conference of State Bank Supervisors (CSBS) and the OCC continued litigation over the OCC's authority to issue special purpose national bank (SPNB) charters to fintech companies. The OCC argued no charter was imminent enough for judicial review, while CSBS challenged the legality of the program. No fintech SPNB charter was granted in March 2019, with approvals described as 'several stages away.'
OCC Confirms No Fintech Bank Charter Applications Filed by February 2019
In a court brief filed February 26, 2019, the OCC confirmed that no fintech company had filed an application for a special purpose national bank charter. The OCC argued that CSBS lawsuits challenging its 2018 fintech charter policy were premature. This regulatory uncertainty continued to shape the BaaS and embedded finance landscape by deterring fintechs from pursuing direct bank charters.