News & Analysis as of

CSBS

New York Regulator’s Suit Challenging OCC Fintech Charter Dismissed as Premature

by Reed Smith on

On Tuesday December 12, 2017, a federal judge dismissed without prejudice a suit filed by the New York Department of Financial Services (NYDFS) against the Office of the Comptroller of the Currency (OCC) challenging the OCC’s...more

Court dismisses NYDFS lawsuit challenging special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

A New York federal district court has dismissed the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository...more

Conference of State Bank Supervisors names fintech advisory panel members

by Ballard Spahr LLP on

The Conference of State Bank Supervisors has released a list of 33 companies that will serve as members of its Fintech Industry Advisory Panel. According to the CSBS, the Advisory Panel’s purpose is “to support state...more

Financial Services Weekly News - September 2017 #4

by Goodwin on

Editor's Note - Translating Goals Into Action.Many financial institutions likely would say that financial regulatory reform in the Trump administration has fallen short of expectations, at least so far. While various...more

Banking Agencies Address Disaster Relief for Hurricane Harvey Victims

by Ballard Spahr LLP on

Several federal agencies have issued reminders and requirements related to banking and credit services for borrowers affected by Hurricane Harvey.  We previously reported on mortgage-related guidance issued by Fannie Mae,...more

OCC moves to dismiss NYDFS lawsuit challenging special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has filed a motion to dismiss the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank...more

OCC Moves Forward With Fintech Charters, Seeks Lawsuit Dismissal

Holding the line on the future of fintech charters, Acting Comptroller Keith Noreika confirmed that the Office of the Comptroller of the Currency (OCC) will move forward with its plans to issue special purpose charters....more

Blockchain's Steady March to Legitimacy

by White & Case LLP on

Four separate events during the second half of July signal that virtual currency and blockchain are steadily becoming part of mainstream financial services. The interconnected histories of Bitcoin (the most common virtual...more

Financial Services Weekly News - July 2017

by Goodwin on

Editor's Note - Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more

CSBS Sues OCC Over Fintech Charters

An organization of state banking regulators hit the Office of the Comptroller of the Currency with a lawsuit, claiming the federal agency’s plan to issue fintech charters exceeds its authority....more

CSBS Looks Forward With Vision 2020

Seeking to modernize the state regulation of nonbanks—and perhaps in response to the Office of the Comptroller of the Currency’s decision to grant fintech charters—the Conference of State Bank Supervisors announced its plans...more

Takeaways From TRANSACT: Payments Industry Legal and Regulatory Trends

by Perkins Coie on

Earlier this month, the Electronic Transactions Association (ETA) hosted its annual TRANSACT conference to connect and educate the various branches of the payments industry. Industry leaders spoke on technology, security,...more

Blockchain Week in Review – May 2017 #4

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Financial Services Weekly News - May 2017 #3

by Goodwin on

Editor's Note - The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more

State-chartered fintech banking and financial services: What solutions will states pursue?

by Thompson Coburn LLP on

State-chartered banks and non-banks alike face a challenging 50-state regulatory regime when offering interstate internet banking and financial services, which puts them at a competitive disadvantage when compared to national...more

Vision 2020: an alternative to an OCC fintech charter?

by Ballard Spahr LLP on

On May 10, the Conference of State Bank Supervisors (CSBS) announced a series of initiatives (branded as Vision 2020) designed to modernize state regulation of non-banks. The announcement specifically calls out financial...more

New York DFS files lawsuit challenging OCC special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special...more

Conference of State Bank Supervisors Files Lawsuit against OCC to Stop Special Purpose FinTech Charter

by Reed Smith on

On April 26, 2017, the Conference of State Bank Supervisors (“CSBS”), the trade association that represents state banking regulators, initiated a lawsuit against the Office of the Comptroller of the Currency (“OCC”) in the...more

Blockchain Week in Review – April 2017 #3

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

State Bank Regulators to the OCC: "Innovation" Starts in the States

by Clark Hill PLC on

The Conference of State Bank Supervisors ("CSBS") has sued the Office of the Comptroller of the Currency ("OCC") to stop the OCC from further action in granting Special Purpose National Bank ("SPNB") charters to "fintech"...more

Association of State Regulators Sues to Enjoin OCC's Fintech Special-Purpose National Bank Charters

Last week, a group of state regulators, the Conference of State Bank Supervisors ("CSBS"), filed suit in the U.S. District Court for the District of Columbia seeking to enjoin the Office of the Comptroller of the Currency...more

Conference of State Bank Commissioners Sues OCC to Bar Chartering of Fintech Banks

by Pepper Hamilton LLP on

The CSBS’ request for an injunction may prompt the OCC to slow down or abandon its willingness to consider issuing national bank charters to fintech companies....more

Nutter Bank Report, April 2017

CFPB Delays the Effective Date of New Prepaid Accounts Rule - The CFPB adopted a final rule on April 20 that delays the general effective date of its rule governing prepaid accounts by six months. The rule will now take...more

New CSBS Tool for BSA/AML Aims to Enhance Risk Assessment

by Baker Donelson on

As financial institutions face increased scrutiny on assessing Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk, there is now another tool to help document that risk. The Conference of State Bank Supervisors (CSBS),...more

Update on the OCC Fintech Charter: The Current Lay of the Land

The Office of the Comptroller of the Currency (OCC) is considering allowing financial technology (fintech) companies to be chartered as special-purpose national banks. Although the planning is still at a preliminary stage,...more

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