In this regard, on May 10, the CSBS announced Vision 2020, a series of initiatives designed to make supervision more efficient and to recognize standards across state lines – actions that the CSBS believes will better support start-ups and enable national scale while at the same time protecting consumers and the financial system. But the OCC’s proposal to create a FinTech Charter has also prompted state banking regulators to reexamine the licensing process for nonbank FinTech companies to, among other things, reduce the “friction” between state regulators and FinTech companies. As discussed in more detail below, on May 12, the New York State Department of Financial Services (NYDFS) filed its own lawsuit seeking to block the OCC’s plans for a FinTech Charter. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC), seeking declaratory and injunctive relief to stop the OCC from issuing special purpose national bank charters to non-depository financial technology (FinTech) companies (the FinTech Charter).
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