Search Results for "New York Department of Financial Services"
6 results for "New York Department of Financial Services"
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NYDFS Requires Prior Approval for Virtual Currency Activities by State-Chartered Banks
On September 29, 2025, the New York Department of Financial Services (NYDFS) issued guidance requiring state-chartered banks to obtain prior approval before engaging in virtual currency activities. The guidance extends blockchain analytics expectations to banks and tightens oversight of crypto-related banking services in New York.
Second Circuit Dismisses DFS Challenge to OCC Fintech Charter Authority
The U.S. Court of Appeals for the Second Circuit dismissed the New York DFS lawsuit challenging the OCC's authority to issue special purpose national bank charters to non-depository fintechs, ruling DFS lacked standing. The decision reversed a lower court ruling that had blocked the OCC's SPNB regulation. While no fintech SPNB charters had been issued, the ruling preserved the OCC's legal authority to grant them.
SoFi Subsidiary Receives NYDFS Virtual Currency and Money Transmitter Licenses
The New York Department of Financial Services approved virtual currency and money transmitter licenses for a SoFi subsidiary. The approval enables SoFi users to trade Bitcoin, Ethereum, and Litecoin on its platform. This expands SoFi's embedded finance offering by integrating crypto trading into its broader consumer financial services ecosystem.
Fidelity Digital Asset Services Granted NYDFS Trust Company Charter
The New York Department of Financial Services granted a limited liability trust company charter to Fidelity Digital Asset Services, LLC. The charter authorizes virtual currency custody and execution services for bitcoin. This positioned Fidelity as a regulated institutional-grade crypto custody provider in the embedded finance landscape.
Federal Court Blocks OCC Authority to Issue Fintech Bank Charters
A U.S. District Court in the Southern District of New York ruled that the OCC lacks authority under the National Bank Act to issue special purpose national bank charters to non-depository fintech companies. The ruling denied the OCC's motion to dismiss a lawsuit brought by the New York Department of Financial Services. This decision effectively stalled the OCC's fintech charter program, which had been open for applications since July 2018.
New York DFS Sues OCC Again Over Fintech Bank Charter
The New York Department of Financial Services filed a lawsuit against the OCC over its proposed special-purpose bank charter for fintech companies. The case challenged the authority of fintechs engaged in lending or payments to obtain a national bank charter without being depository institutions. This legal battle had significant implications for the regulatory framework surrounding BaaS and embedded finance.