The 2nd U.S. Circuit Court of Appeals appeared sympathetic to a federal banking regulator’s bid to reverse a ruling blocking it from granting special purpose national bank charters to fintech companies during oral arguments on Tuesday.
A three-judge 2nd Circuit panel grappled with what constitutes a bank and whether a lawsuit from New York’s Department of Financial Services challenging the regulation, which came before any companies applied for charters, was premature at the remotely conducted arguments.
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