News & Analysis as of

NYDFS Preemption

Troutman Pepper Locke

Between a Claim and a Hard Place: OFAC Sanctions Preempt State Insurance Laws

Troutman Pepper Locke on

U.S. sanctions laws present complex conflicts with state insurance laws. While state laws govern the timely payment of claims and other insurance practices, U.S. sanctions administered by the U.S. Department of the Treasury’s...more

Troutman Pepper Locke

NY DFS Expands Regulation of ‎Pharmacy Benefit Managers While ERISA ‎Preemption Remains ‎Uncertain

Troutman Pepper Locke on

In the final days of October, the New York Department of Financial Services (“DFS) published new regulations regarding assessing, licensing, and recordkeeping for pharmacy benefit managers (“PBM”) while revising existing...more

Eversheds Sutherland (US) LLP

New York joins the roster of states now accepting applications for reciprocal jurisdiction reinsurers

New York has joined the handful of states that are now accepting applications from non-US reinsurers for recognition as a reciprocal jurisdiction reinsurer under new rules that allow US domestic ceding insurers to receive...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

Ballard Spahr LLP on

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

Jones Day

OCC Fintech Charter Headed to the Second Circuit

Jones Day on

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

Hudson Cook, LLP

What's Old is New Again: The Future of Bank Partnership Programs from Small Dollar Installment Loans to Mortgages to Everything

Hudson Cook, LLP on

Bank partnerships allow banks to offer loans to consumers and businesses by leveraging the resources of non-bank entities. The relationships between banks and their non-bank entity partners have existed for many years. In the...more

Dorsey & Whitney LLP

Court Halts, At Least for Now, The OCC’s FinTech National Bank Charter Program

Dorsey & Whitney LLP on

On Thursday, May 2, 2019, Judge Victor Marrero of the Southern District of New York issued an important decision in the closely watched Vullo v. Office of the Comptroller of the Currency et al., No. 1:18-cv-08377. Judge...more

A&O Shearman

US State Regulators Sue Office of the Comptroller of the Currency Over FinTech Charter

A&O Shearman on

The Conference of State Bank Supervisors has sued the U.S. Office of the Comptroller of the Currency to prevent it from granting charters for special purpose national banks to non-depository FinTech companies. The CSBS is the...more

Goodwin

NY Department of Financial Services Joins Opposition to the OCC’s Proposed FinTech Charter

Goodwin on

On January 17, 2017, Maria Vullo, the Superintendent of the New York State Department of Financial Services (NY DFS) sent a letter to the Office of the Comptroller Currency (OCC), opposing the OCC’s proposed special purpose...more

Morrison & Foerster LLP

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

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