OCC Fires Back at State Banking Regulators' Lawsuit, Requests Motion to Dismiss
The OCC's filing said that the state banking regulators have not proven that the proposal for a special purpose national bank charter for fintechs has caused real harm.
July 28, 2017 at 04:16 PM
3 minute read
State banking regulators can't sue over a fintech charter that does not yet exist, the Office of the Comptroller of the Currency argued in court documents filed Friday.
The OCC has filed a motion to dismiss the lawsuit from state banking regulators who claim the federal banking agency overstepped its authority by introducing a special purpose national bank charter for nonbanks, or financial technology companies.
In its 52-page memorandum in support of dismissing the case, the OCC claims it is well within its authority to grant such a charter. But the OCC focused its opposition on the argument that the Conference of State Banking Supervisors, which filed the suit on April 26, allegedly failed to show harm to itself or its members.
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