State Regulators Sue OCC Over Fintech Charter

State financial regulators in the U.S. are suing the Office of the Comptroller of the Currency (OCC) over its plans to create a national non-bank charter for fintech firms, as the row intensifies over the federal agency’s legal authority.

The Conference of State Bank Supervisors (CSBS) has filed a complaint in the U.S. District Court of Columbia claiming the OCC has gone far beyond its statutory limits in seeking to grant charter status to non-bank financial innovators.

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