Arguing that the banking regulator has exceeded its congressional authority by allowing fintechs to apply for bank charters, the Conference of State Bank Supervisors (CSBS) has filed its second suit in two years against the Office of the Comptroller of the Currency (OCC) in federal court.
The complaint seeks to prevent the agency from granting national bank charters to entities operating as nonbanks based on the OCC’s July fintech charter announcement and subsequent publication of a Licensing Manual Supplement.
Find out more details about the organization’s objections.