If OCC Charter Case Is Dismissed, State Regulators Will Likely Sue Again, Say Fintech Attorneys
In a motion to dismiss filed last week, the Office of the Comptroller of the Currency argued that it cannot be sued over its plans for a special purpose…
August 03, 2017 at 09:18 AM
3 minute read
The original version of this story was published on Law.com
In a motion to dismiss filed last week, the Office of the Comptroller of the Currency argued that it cannot be sued over its plans for a special purpose national bank charter, since that charter has yet to be finalized.
State banking regulators sued the OCC in April, claiming the federal banking agency overstepped its legal authority by proposing the charter for nonbanks or financial technology companies. Many fintechs have expressed interest in the federal charter that would potentially exempt them from having to deal with 50 individual state regulators.
In its response filed Friday, the OCC laid out an argument for why the Conference of State Bank Supervisors can't prove harm caused by the fintech charters if no applications have even been received or issued. (The judge ordered the OCC to refile the motion due to “excessive” footnotes, and the agency submitted a revised brief Wednesday afternoon.)
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5First Lawsuit Filed Alleging Contraceptive Depo-Provera Caused Brain Tumor
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250