On April 23, 2020, the Office of the Comptroller of the Currency ("OCC") filed a brief supporting its appeal of a decision by a federal judge in New York ruling that the OCC cannot issue "FinTech Charters" to non-depository institutions. This continues the fight between New York's Department of Financial Services ("DFS") and the OCC over who should regulate FinTech companies, which we have discussed before.
Unfortunately, this also further deepens the regulatory uncertainty that has been harming U.S. FinTechs. It also continues to put them at a competitive disadvantage with respect to some FinTechs based overseas.
In this video, Jeffrey Alberts discusses where this dispute stands now and what the OCC is arguing in its appeal.
Originally published 5 May, 2020
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