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STATE BANK REGULATORS CHALLENGE OCC’S AUTHORITY TO ISSUE FINTECH CHARTERS AMID CONTINUING LITIGATION AGAINST FEDERAL AGENCIES ON FINANCIAL SERVICES ISSUES


By: V. Gerard Comizio, Nathan S. Brownback

On April 26, 2017, the Conference of State Bank Supervisors (“CSBS”) sued the Office of the Comptroller of the Currency (“OCC”) in federal court in Conference of State Bank Supervisors v. OCC, alleging that the OCC's plan to charter fintech companies as special purpose national banks is unlawful because the process the OCC used to develop the plan was procedurally defective and because issuing such charters would exceed the OCC's authority.

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