U.S. judge dismisses state regulators’ lawsuit over national ‘fintech’ charter

A District of Columbia federal judge dismissed a lawsuit brought by state bank regulators against the U.S. Comptroller of the Currency over its proposal to offer charters that would let so-called fintech companies do business nationwide. Since the OCC has not reached a final decision on the fintech charters, the claim of harm by the Conference of State Bank Supervisors (CSBS) was speculative, U.S. District Judge Dabney Friedrich wrote in her decision tossing out the case. In the lawsuit, filed in April 2017, the CSBS said the OCC’s plan to grant the national charters exceeded the OCC’s statutory authority and that fintech firms are best regulated by the state.

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