To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
The OCC announced this week that it has conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in...more
The D.C. federal district court hearing the lawsuit filed by the Conference of State Bank Supervisors (CSBS) seeking to block the Office of the Comptroller of the Currency from granting a national bank charter to Figure...more
The U.S. Court of Appeals for the Second Circuit revived the Office of the Comptroller of the Currency’s (OCC) controversial special-purpose national bank charter that had been challenged by the New York Department of...more
Federal Financial Regulators Seek Information on the Use of AI by Financial Institutions - On March 29, 2021, five federal financial regulatory agencies (the Federal Reserve, CFPB, FDIC, OCC, and NCUA) announced a request...more
On March 9, a three-judge panel of the Second Circuit heard oral argument on the question of whether the OCC can legally issue national bank charters to non-depository financial technology (fintech) firms. The case is...more
FDIC Creates New Exceptions for Fintech Companies with Its Final Brokered Deposit Rule - On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) finalized its updated brokered deposit rule, providing...more
The Conference of State Bank Supervisors (CSBS) has filed a lawsuit in D.C. federal district court to block the OCC from granting a national bank charter to Figure Technologies Inc. According to the complaint, Figure,...more
On September 15, 2020, the Conference of State Bank Supervisors (CSBS) announced a “one company, one exam” program for examinations of money services businesses. These businesses, spanning from money transmitters like PayPal...more
The Conference of State Bank Supervisors (CSBS) recently announced plans to establish a program under which money transmitters licensed in multiple states will undergo a single comprehensive exam that seeks to satisfy all...more
Despite often operating on a nationwide scale, fintech companies rarely meet the stringent requirements for obtaining a national banking charter. Under the current regulatory landscape, these companies must therefore secure...more
On July 23, 2020, the New York Department of Financial Services (“DFS”) filed its appellate brief asking the Second Circuit Court of Appeals to uphold the lower court’s decision to block the Office of Comptroller of the...more
On June 25, 2020, Acting Comptroller Brian Brooks announced that the Office of the Comptroller of the Currency (the “OCC”) intends to introduce the first in a series of at least two national bank charters for payments...more
The OCC has appealed to the Second Circuit from the district court’s final judgment entered in October 2019 in the lawsuit filed by the New York Department of Financial Services seeking to block the OCC’s issuance of special...more
Judge Dabney Friedrich of the U.S. District Court for the District of Columbia has dismissed a lawsuit brought by the Conference of State Bank Supervisors (CSBS) that would have prevented the Office of the Comptroller of the...more
The D.C. federal district court has granted the OCC’s motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) to block the OCC from issuing special purpose national bank (SPNB) charters to...more
On September 3, 2019, Judge Dabney Friedrich of the U.S. District Court for the District of Columbia dismissed the Conference of State Bank Supervisors’ (“CSBS”) second suit challenging the Office of the Comptroller of the...more
On March 19, 2019, the New York State Department of Financial Services (“NYDFS”) filed a brief in opposition to the Office of the Comptroller of the Currency’s (“OCC”) motion to dismiss the NYDFS’ lawsuit challenging the...more
Some commenters have opined that the litigation risk surrounding the Office of the Comptroller of the Currency’s (“OCC”) proposed special purpose national bank charter for Fintechs (“Fintech Charter”) is deterring applicants...more
The OCC has filed a motion to dismiss the lawsuit filed in D.C. federal district court in October 2018 by the Conference of State Bank Supervisors (CSBS) to stop the OCC from issuing special purpose national bank (SPNB)...more
On October 25, 2018, the Conference of State Bank Supervisors (CSBS) renewed its lawsuit against the Office of the Comptroller of the Currency (OCC) seeking to prevent the OCC from issuing its long awaited special-purpose...more
On October 25, 2018, the Conference of State Bank Supervisors (CSBS) filed suit in the U.S. District Court for the District of Columbia challenging the Office of the Comptroller of the Currency’s (OCC) creation of a new...more
The Conference of State Bank Supervisors (CSBS) has filed a second lawsuit in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from issuing special purpose national bank (SPNB) charters...more
On September 12th, the Conference of State Bank Supervisors (CSBS) announced that it would again pursue litigation in opposition to the OCC’s recent decision to accept applications from non-depository financial technology...more
On April 30, 2018, the United States District Court for the District of Columbia dismissed a lawsuit filed one year earlier by the Conference of State Bank Supervisors (CSBS) disputing the authority of the Office of the...more