May 3, 2019 / 8:50 PM / 2 months ago

N.Y. can sue federal banking regulator over fintech charters - ruling

The New York State Department of Financial Services (DFS) can proceed with a lawsuit challenging federal banking regulators’ plan to grant national banking charters to financial technology companies, a Manhattan federal judge has ruled.

The U.S. Office of the Comptroller of the Currency, which is trying to streamline the regulation of fintech companies such as PayPal and Lending Tree, had argued that New York’s lawsuit is premature because no charters have yet been granted.

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