May 3, 2019
A federal judge has issued the green light for New York State to move ahead with a lawsuit seeking to block the federal government from issuing banking charters to certain fintech companies, according to a New York Law Journal report.
The New York State Department of Financial Services originally filed suit against the Office of the Comptroller of the Currency to prevent the agency from granting federal charters to fintechs, stating they would essentially be granted the ability to operate as banks.
The agency argued fintechs would not be required to adhere to the same level of consumer protection and safeguards as traditional banks.
Topics: Mobile Banking, Regulatory Issues
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