Search Results for "New York Department of Financial Services (DFS)"
2 results for "New York Department of Financial Services (DFS)"
Deals 2
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.
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.