In a complaint, Maria Vullo in her official capacity as Superintendent of the New York State Department of Financial Services challenged the decision of the Office of the Comptroller of the Currency, made on July 31, 2018, to immediately begin accepting applications from, and grant special-purpose national bank charters to, a boundless class of undefined and so-called financial technology (fintech) companies, including companies that do not accept deposits (Fintech Charter Decision).
The complaint noted that these newly forged institutions will seek to provide financial services in connection with an unidentified and sweeping array of commercial ventures never before authorized or regulated by the OCC.
The complaint also stated that: “The Fintech Charter Decision is lawless, ill-conceived, and destabilizing of financial markets that are properly and most effectively regulated by New York State” and “The OCC’s reckless folly should be stopped.” It’s the third such case brought against OCC over fintech licensing, with the last one being dismissed in December 2017.