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.”


Related Posts

Previous Post
Get the weekly SFM update – our October 25 newsletter is online
Next Post
Major banks and asset managers propose CCP resilience, recovery and resolution standards

Related Posts

Fill out this field
Fill out this field
Please enter a valid email address.


Reset password

Create an account