Fintech Charter Delayed Amid Lawsuits

It’s no surprise that the recent court decision which allowed New York’s financial regulator to move forward with a case against the OCC will result in delays for the fintech charter; Comptroller Otting no longer expects to have a fintech firm formally apply in the second quarter of this year as he previously stated; many firms have held back on their applications knowing about the pending lawsuits which allege that the OCC is overreaching on its National Bank Act authority; the OCC argues that they can offer a charter to an applicant in the business of banking if it meets one of the three criteria: taking deposits, paying checks or lending money. Source

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