Following a New York federal court's dismissal of the New York State Department of Financial Services' challenge to the OCC's proposed FinTech Charters, which we previously discussed, a U.S. District Court in the District of Columbia dismissed a similar lawsuit brought by the Conference of State Banking Supervisors.
The District of Columbia followed in New York's footsteps in holding that the case was not ripe for adjudication as the OCC's new Comptroller had yet to reach a final decision with respect to FinTech Charters. Indeed, Comptroller Otting recently announced that the OCC was expected to publish its position on Fintech Charters within the next two to three months.
All eyes turn toward the new Comptroller as FinTech companies and state regulators await the OCC's final decision on FinTech Charters. Depending on what position the OCC takes, we can expect renewed legal challenges from state regulators.
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