OCC Sued Over Fintech Firm Bank Charter Plan
The Conference of State Bank Supervisors claim the OCC has gone beyond its legal authority to determine what defines a bank.
State bank supervisors have filed suit against the OCC and its plans to offer special purpose bank charters to financial technology firms.The Conference of State Bank Supervisors (CSBS) is seeking to prevent the OCC from moving forward with its chartering plans.
John Ryan, CSBS president and CEO, said the OCC’s move to charter financial technology firms may harm markets and consumers, and even hamper innovation.
“The OCC’s action is an unprecedented, unlawful expansion of the chartering
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