January 8, 2019 / 10:55 PM / in 4 months

U.S. banking regulator defends plan to charter fintech companies

The U.S. Office of the Comptroller the Currency has asked a federal judge in Washington D.C. to dismiss a lawsuit by state banking regulators challenging its plan to issue banking charters for fintech companies, saying the lawsuit lacks merit and is premature.

In a motion on Monday, the OCC said the National Bank Act (NBA) authorizes it to grant bank charters to financial technology companies as long as they perform one of the core functions of banking, either taking deposits, lending money or paying checks.

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