After a
prior dismissal of the New York State Department of Financial
Services' lawsuit against the Office of the Comptroller of the
Currency for the OCC's tentative plan to issue special-purpose
national bank charters to FinTech companies, the DFS has now
re-filed a new complaint, as promised.
Previously, the District Court for the Southern District of New
York dismissed the DFS's 2017 lawsuit because it found that the
OCC had not yet reached a final decision with respect to the
issuance of FinTech Charters. The DFS indicated at the time that it
was intent on renewing its legal challenges when the case becomes
ripe. Following the OCC's announcement on July 31, 2018, indicating that
it would immediately accept applications for FinTech Charters, the
DFS filed its second lawsuit on September 14, 2018, challenging the
OCC's authority to issue such national charters to companies
that do not engage in the traditional banking activity of accepting
deposits.
