NYDFS challenges OCC fintech charter plan

The New York State Department of Financial Services (NYDFS) has announced it has filed suit in federal court challenge the decision of the OCC to grant special-purpose national bank charters to undefined "fintech" companies. The NYDFS "seeks to stop the OCC from granting charters to institutions subject to New York State law that provide financial services to New York consumers based on the OCC’s unidentified and sweeping array of commercial ventures never before authorized or regulated by the OCC."