On October 25, 2018, the Conference of State Bank Supervisors (CSBS) filed suit in the U.S. District Court for the District of Columbia challenging the Office of the Comptroller of the Currency's (OCC) creation of a new national bank charter for nonbank companies, which would include FinTech companies (the Nonbank Charter Program). See Conference of State Bank Supervisors v. Office of the Comptroller of the Currency, Case 1:18-cv-02449-DLF (D.D.C. Oct. 25, 2018).
In the complaint, the CSBS alleges that nonbank institutions-including FinTech companies-have been subject to ...
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