Estimated reading time: 0 minutes, 24 seconds

Federal Judge Puts Kibosh on Special Fintech Bank Charters

Friday, Oct 25 2019
News
Written by  FinTech News Brief Staff
Federal Judge Puts Kibosh on Special Fintech Bank Charters

A federal judge in New York ruled the Office of the Comptroller of the Currency (OCC) does not have the authority to issue special bank charters to fintechs. So reports CNBC.

The charters previously allowed start-ups to lend money and offer payment products without accepting FDIC insurance or complying with state regulations. A spokesman from the OCC said the agency disagrees with the court’s interpretation of the National Bank Act and is planning an appeal.

Read the full article from CNBC.

Read 3258 times
Rate this item
(0 votes)
More in this category: « Central Banks a Stabilizing Force in Age of Fintech: Bank of England Governor FinTech Innovation Lab New York Opens Up Application Process »

Visit other PMG Sites:
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline