September 14, 2018 / 1:57 PM / 2 months ago

New York regulator sues OCC over letting fintech companies seek charters

NEW YORK, Sept 14 (Reuters) - New York state’s top banking regulator on Friday sued the U.S. Office of the Comptroller of the Currency, seeking to void its decision to begin accepting national charter applications from financial technology companies.

In a complaint filed on Friday in Manhattan federal court, Maria Vullo, the superintendent of the New York State Department of Financial Services, called the OCC decision “lawless, ill-conceived, and destabilizing of financial markets that are properly and most effectively regulated by New York State.”

Reporting by Jonathan Stempel in New York

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