NY DFS wins “final judgment” against OCC issuing fintech charters

Superintendent of the New York Department of Financial Services (DFS) Linda Lacewell commented on a court ruling that has entered final judgment in favor of DFS.

“This decision makes the financial well-being of consumers from New York and around the country a priority. It reflects the rational conclusion that DFS and other state banking regulators have the expertise to provide the strict supervisory oversight and enforcement of anti-money laundering and consumer protection statutes and regulations that non-depository financial service providers are required to follow. The decision stops OCC’s (Office of the Comptroller of the Currency) attempt to usurp state authority by establishing a federal fintech regulatory framework at the expense of consumers. Going forward, DFS will continue to be a fierce advocate for consumers in New York and nationwide.”

Source

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