Case Update: Conference Of State Bank Supervisors v. OCC

State banking regulators and the Office of the Comptroller of the Currency ("OCC") are continuing to fight over who will regulate FinTech companies. As our readers know, in April the Conference of State Bank Supervisors ("CSBS") sued the OCC seeking a judicial declaration that the OCC exceeded its statutory authority under the National Banking Act when it proposed granting FinTech charters. The OCC has neither amicably resolved the dispute, nor backed down. Instead, it filed a motion last week to dismiss the CSBS's complaint for lack of jurisdiction and failure to state a claim, arguing that the complaint was "fatally premature" and alleged only "speculative" harm.

Although the OCC's motion attacked the merits of the complaint, arguing that it has the authority to issue FinTech charters, the motion is based primarily on arguments that the CSBS's complaint is premature. The OCC emphasized that it had not yet made any final decisions regarding FinTech charters,