Bloomberg Law
December 13, 2017, 8:01 PM UTC

New York Challenge to Federal Fintech Charter Dismissed

Bloomberg Law - Staff Reports

A federal judge Dec. 12 dismissed claims by New York bank regulators that U.S. banking authorities can’t issue special charters for financial technology companies, calling the lawsuit premature.

The ruling by Judge Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York marks a victory for the Office of the Comptroller of the Currency, and shifts the focus to a separate challenge against the OCC brought by the Conference of State Bank Supervisors (CSBS).

At issue is a lawsuit by New York Department of Financial Services Superintendent Maria T. Vullo. She sued the OCC in ...

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