News & Analysis as of

Office of the Comptroller of the Currency Article III

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

Ballard Spahr LLP

Second Circuit orders dismissal for lack of standing of New York DFS lawsuit challenging OCC fintech charter

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The U.S. Court of Appeals for the Second Circuit has ruled that the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to...more

Ballard Spahr LLP

Court dismisses lawsuit filed by state regulators to block OCC fintech charter

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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

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

Ballard Spahr LLP

NYDFS files opposition to OCC motion to dismiss lawsuit challenging fintech charter

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The New York Department of Financial Services has filed a memorandum of law opposing the OCC’s motion to dismiss the NYDFS’s second lawsuit seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters...more

Ballard Spahr LLP

CSBS and OCC battle over discovery in lawsuit challenging fintech charter

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Earlier last month, the Conference of State Bank Supervisors (CSBS) filed a brief opposing the OCC’s motion to dismiss the second lawsuit filed by CSBS to stop the OCC from issuing special purpose national bank (SPNB)...more

Ballard Spahr LLP

OCC moves to dismiss NY DFS lawsuit challenging fintech charter; more filings in CSBS lawsuit challenging fintech charter

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As expected, the OCC filed a motion to dismiss the second lawsuit filed by the New York Department of Financial Services (DFS) in a New York federal district court to block the OCC’s issuance of special purpose national bank...more

Ballard Spahr LLP

OCC moves to dismiss state regulators’ second lawsuit opposing fintech charter

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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

Ballard Spahr LLP

OCC and N.Y. State Department of Financial Services Trade Contentious Pre-Motion Letters in Fintech Charter Dispute

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Attorneys for defendants, U.S. Comptroller and the Office of the Comptroller of the Currency (together “the OCC”), in the pending Southern District of New York lawsuit, Vullo v. OCC, submitted a letter to the court announcing...more

Burr & Forman

State Banking Regulators Challenge OCC’s Nonbank Charter Program

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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

Kilpatrick

Federal Court Dismisses Second Lawsuit Challenging OCC Special Purpose National Bank Charter Proposal for Fintech Companies

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On April 30, 2018, the U.S. District Court for the District of Columbia dismissed the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in April 2017 challenging the Office of the Comptroller of the Currency’s...more

Ballard Spahr LLP

Federal court dismisses second lawsuit challenging OCC fintech company special purpose national bank charter proposal

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A D.C. federal district court has dismissed the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in April 2017 challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to...more

Kilpatrick

3 Key Developments: Fintech & Banking 2017: Further Exploration of Bank Charters for Fintech Companies

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One year ago, the Office of the Comptroller of the Currency (OCC) decided to move forward with considering applications from financial technology (fintech) companies to become special purpose national banks. In early 2017,...more

Ballard Spahr LLP

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

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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

Goodwin

Financial Services Weekly News - June 2017 #2

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Editor's Note - Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts T+2 Settlement Cycle for Securities Transactions - On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a), shortening the...more

Morrison & Foerster LLP

Financial Services Report, Winter 2016

EDITOR’S NOTE - Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more

Goodwin

Financial Services Weekly News - May 2016 #3

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Regulatory Developments - SEC Publishes Small Entity Compliance Guide for Crowdfunding - On May 13, the Securities and Exchange Commission (SEC) published a small entity compliance guide for companies wishing to...more

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