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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