Articles Tagged with lawsuits

Published on: October 29, 2021

Fintech and Deposits

By Y. Michael Yin, JD

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.

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