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A panel of appeals court judges on Thursday delivered a blow to efforts by state regulators to challenge the Office of the Comptroller of the Currency’s fintech charter.
The three judges on the 2nd U.S. Circuit Court of Appeals reversed a 2019 lower court victory by the New York State Department of Financial Services, which had argued the OCC lacked authority under the National Bank Act to offer the charter. Yet the ruling released Thursday may only be a temporary victory for the OCC, which has had to navigate state legal challenges against the special-purpose charter for years. Echoing past rulings by other courts, the judges said the New York regulator could not claim any harm from the charter because no firm has applied or been approved to receive it.
https://www.americanbanker.com/news/states-dealt-setback-in-effort-to-block-occ-fintech-charter
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