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Fintech Charter NYDFS

Goodwin

Second Circuit Orders Dismissal of Legal Challenge to Fintech Charter Program

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On June 3, 2021, the Second Circuit ruled that the New York State Department of Financial Services (DFS) lacked legal standing to challenge the Office of the Comptroller of the Currency’s (OCC’s) fintech charter program. The...more

McGuireWoods LLP

OCC’s Fintech Charter Survives After Reversal in the Second Circuit

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After years of litigation, the Office of Comptroller of the Currency’s (“OCC”) special purpose national bank charter (“fintech charter”) survives to see another day. On June 3, 2021, the Second Circuit reversed the district...more

Morrison & Foerster LLP

The Fintech Charter Lives To See Another Day: Second Circuit Reverses Anti-Fintech Charter District Court Ruling

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

McGuireWoods LLP

Oral Arguments Held in Challenge to OCC’s Fintech Charter

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On March 9, 2021, the Second Circuit heard oral arguments in connection with the New York Department of Financial Services’ (“DFS”) challenge to block the Office of Comptroller of the Currency’s (“OCC”) special purpose...more

Eversheds Sutherland (US) LLP

Second Circuit grapples with standing in case challenging OCC’s fintech charter authority

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

Ballard Spahr LLP

OCC files reply brief with Second Circuit in appeal from district court judgment in NYDFS lawsuit challenging fintech charter

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The OCC has filed its reply brief with the Second Circuit in its appeal from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s issuance of...more

Polsinelli

OCC FinTech Charter Meets The Empire State

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The New York State Department of Financial Services (NYDFS) recently asked the Second Circuit Court of Appeals to affirm a lower court decision blocking the Office of the Comptroller of the Currency (OCC) from issuing...more

McGuireWoods LLP

New York Files Brief in Support of Dismantling OCC’s Fintech Charter

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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

Eversheds Sutherland (US) LLP

DFS proposes new framework for virtual currency regulations

New York State’s Department of Financial Services (DFS) has released a Request for Comments on a Proposed Framework for a Conditional BitLicense (Request for Comments) that DFS says will make it easier for start-ups to enter...more

McGuireWoods LLP

OCC Urges Second Circuit to Reverse Fintech Charter Decision

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On April 23, 2020, the Office of the Comptroller of the Currency (“OCC”) filed its opening brief defending its special purpose fintech charter in the U.S. Court of Appeals for the Second Circuit....more

Ballard Spahr LLP

OCC files brief with Second Circuit in appeal from district court judgment in NYDFS lawsuit challenging fintech charter

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The OCC has filed its opening brief in its appeal to the Second Circuit from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance...more

Jones Day

OCC Fintech Charter Headed to the Second Circuit

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The Situation: The Office of the Comptroller of the Currency ("OCC") has appealed a decision from the Southern District of New York that concluded that the OCC lacks the authority to grant "Fintech Charters" to nondepository...more

Ballard Spahr LLP

OCC appeals NY federal district court final judgment in NYDFS lawsuit challenging fintech charter

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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

Eversheds Sutherland (US) LLP

Southern District of New York rules against OCC fintech charter

On October 23, the District Court for the Southern District of New York (SDNY) issued a final judgment setting aside in relevant part the regulation on which the Office of the Comptroller of the Currency (OCC) based its...more

Nutter McClennen & Fish LLP

Bank Report: October 2019

Federal Banking Agencies Adopt Simplified Capital Calculation for Community Banks The federal banking agencies have issued a final rule that will simplify capital requirements for community banks by allowing them to adopt...more

Davis Wright Tremaine LLP

NYDFS Prevails Once More in OCC FinTech Charter Challenge

On October 21, 2019, the District Court for the Southern District of New York entered a final judgment in favor of the New York State Department of Financial Services (NYDFS), blocking the Office of the Comptroller of the...more

Dorsey & Whitney LLP

District Court Issues Final Judgment In Action Challenging OCC’s Fintech Charter - Now To The Court of Appeals

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On October 21, 2019, the U.S. District Court for the Southern District of New York entered final judgment in Lacewell v. Office of the Comptroller of the Currency, the closely-watched case between the New York DFS and the...more

Nutter McClennen & Fish LLP

Fintech in Brief: Final Order Entered in New York State Challenge to OCC Fintech Charter

On October 21, 2019, Judge Victor Marrero of the U.S. District Court of the Southern District of New York issued a final decision and order in New York State’s challenge to the OCC’s statutory authority to grant special...more

Ballard Spahr LLP

NY federal district enters final judgment against OCC in NYDFS lawsuit challenging fintech charter

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In May 2019, a New York federal district court denied the OCC’s motion to dismiss a lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national bank...more

A&O Shearman

US Court Rejects Suit Over Office of the Comptroller of the Currency FinTech Charter

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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

Nutter McClennen & Fish LLP

Fintech in Brief: CSBS Challenge to OCC Fintech Charter Dismissed

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

Ballard Spahr LLP

NYDFS and OCC to discuss proposed final judgment in NYDFS lawsuit challenging fintech charter

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Last Thursday, the OCC filed a letter with the New York federal district court hearing the lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national...more

Manatt, Phelps & Phillips, LLP

NY Federal Court: OCC Fintech Charters in Jeopardy

In a surprising decision, a New York federal district court not only refused to dismiss the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) plans to issue...more

Ballard Spahr LLP

OCC weighing next steps in NYDFS lawsuit challenging fintech charter

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As we reported, a dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued on May 2 by a New York...more

Ballard Spahr LLP

NY Federal District Court Deals Blow To OCC Fintech Charter

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A dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued last week by a New York federal district...more

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