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OCC Fintech Charters Face Fresh Attack By State Regulators
Law360 (December 23, 2020, 9:27 PM EST) A group of state bank supervisors is seeking to block the Office of the Comptroller of the Currency from granting national bank charter status to a blockchain-based financial services provider, arguing that the federal regulator would be setting a dangerous precedent for the future of the banking industry.
The OCC s plans to grant the charter to Figure Technologies Inc. would go far beyond the limited chartering authority the regulator has under the National Bank Act and other federal laws, the Conference of State Bank Supervisors argued in a complaint filed Tuesday in D.C. federal court.
New lawsuit from states over OCC power targets Figure application americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
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Conference of State Bank Supervisors Targets OCC Chartering Authority of Fintechs in Lawsuit, Points Finger at Figure Technologies
The
Office of the Comptroller of the Currency (OCC), as well as Acting Comptroller
Brian Brooks, regarding the agency’s ability to issue federal bank charters to Fintechs. The complaint mentions
Figure Technologies, a blockchain-based Fintech in the lending sector, specifically.
The CSBS is the national organization representing bank regulators from all 50 states.
John W. Ryan, CEO and President of the CSBS, issued the following statement on the lawsuit:
“Figure is essentially the first applicant for the OCC’s Fintech charter. Its plan to become a national bank without obtaining deposit insurance is an illegitimate attempt to evade the controversy surrounding the fintech charter and the federal court decision that invalidated it. If the OCC is allowed to create a special purpose nonbank charter, it would redefine our entire banking
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