North Carolina recently enacted a new law that formed a regulatory sandbox for financial and insurance technologies (often termed Fintech and Insuretech). It also commissioned the formation of an “Innovation Council” that serves to receive and approve applications for “entry” into the so-called sandbox. This new law will be codified in NCGS § 169. Continue reading →
Lacewell v. Office of the Comptroller of the Currency, No. 19-4271 (2d Cir. 2021)
- Facts: The New York State Department of Financial Services (DFS) regulates insurance, banking, and financial services in the state of New York. They filed a lawsuit against the Office of the Comptroller of Currency (OCC), alleging that their new initiative to charter “special-purpose national banks” (SPNB) from financial technology companies (fintechs) exceeded their authority under National Bank Act (NBA) that requires those in the “business of banking” to take deposits.