- How States Might Challenge the OCC’s Fintech Charter
- March 1, 2017 | Authors: Brian Barrett; Robert J. Pile
- Law Firms: Eversheds Sutherland (US) LLP - New York Office; Eversheds Sutherland (US) LLP - Atlanta Office
Some state banking regulators see the Office of the Comptroller of the Currency's plan to create a new charter for financial technology companies as a direct threat to their existing authority. Litigation challenging the preemptive effect of the fintech charter would likely involve an interpretation of the limitations on the OCC’s statutory preemptive power.
In their article for Law360, Eversheds Sutherland (US) attorneys Brian Barrett, Robert Pile and Hannah Winiarski focus briefly on two approaches that states might take to challenge the OCC’s statutory authority to charter nondepository banks under the National Banking Act.