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2017 Press Releases
Florida and Arkansas Begin Using Uniform Mortgage Test; 54 State Agencies Now Using the Test
State Regulators Oppose OCC Special Charter For Non-Banks
State Financial Regulators Release BSA/AML Compliance Tool for Industry
CSBS Board Appoints Wyoming’s Albert Forkner as Chairman-Elect
State Regulators Promote “Fintech Friendly” Features of National Registry
College Students Participate in Nationwide Community Bank Competition
Statement on the Illinois Fintech Regulatory Roundtables
CSBS Urges Congress to Weigh in Against OCC Non-Bank Charter
State Regulators Highlight EGRPRA Priorities for Financial Regulatory Relief
Gonzales, Hughes and Jones Re-Appointed to FFIEC State Liaison Committee
State Regulators Announce Changes to Money Services Businesses Reporting
State Regulators Issue Cease-and-Desist Orders to Subsidiaries of Ocwen Financial Corp.
CSBS Files Complaint Against Comptroller of the Currency
Gonzales Elected as State Liaison Committee Chairman
Stork Appointed to FFIEC State Liaison Committee
CSBS Announces Vision 2020 for Fintech and Non-Bank Regulation
CSBS Statement on New York Department of Financial Services Lawsuit Against OCC
CSBS Announces Five Finalist Teams in the 2017 Bank Case Study Competition
CSBS Announces New Leadership
The University of Akron Wins First Place in CSBS Community Bank Competition
Fed Chair Yellen Will Open 2017 Fed/CSBS Community Banking Research Conference;
FFIEC Proposes Additional Revisions to Streamline “Call Report” for Small Institutions
State Regulators Call for an End to One-Size-Fits-All Bank Regulation
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 4/26/2017 

Media Release

Conference of State Bank Supervisors
        1129 20th Street, NW, 9th Floor, Washington, DC, 20036

 CSBS Files Complaint Against Comptroller of the Currency   

Washington, D.C. – The Conference of State Bank Supervisors (CSBS) announced today it has filed a complaint in the United States District Court for the District of Columbia against the Office of the Comptroller of Currency (OCC).  The complaint seeks to prevent the agency from moving forward with an unlawful attempt to create a national nonbank charter that will harm markets, innovation and consumers.

“The OCC’s action is an unprecedented, unlawful expansion of the chartering authority given to it by Congress for national banks.  If Congress had intended it to be used for another purpose, it would have explicitly authorized the OCC to do so,” said John W. Ryan, CSBS President and CEO.  “If the OCC is allowed to proceed with the creation of a special purpose nonbank charter, it will set a dangerous precedent that any federal agency can act beyond the legal limits of its authority.  We are confident that we will prevail on the merits.”

The complaint asserts that by creating a national bank charter for nonbank companies, the OCC has gone far beyond the limited authority granted to it by Congress under the National Bank Act and other federal banking laws. Those laws authorize the OCC to only charter institutions that engage in the “business of banking,” which under the National Bank Act requires an institution, at minimum, to receive deposits.  Yet the OCC is attempting to create a new special purpose charter for nonbank companies that do not take deposits, without express statutory authorization. The OCC does not have the authority to create a special purpose charter for nonbanks without specific congressional approval.

“The OCC’s proposed action ignores Congress, seeks to preempt state consumer protection laws, harms markets and innovation, and puts taxpayers at risk of inevitable fintech failures. This is a dangerous combination and one the court should decisively halt,” said Ryan.  “To protect consumers and taxpayers, to promote innovation, and to ensure fair and open competition, CSBS was forced to take legal action against the OCC charter.”

“State regulators already supervise a vibrant financial services marketplace that includes non-banks and banks.  Tens of thousands of mortgage, money transmission, debt collection, and consumer finance companies – not to mention over 75% of this nation's banks -- already operate under the state system,” said Ryan.  “That regulatory structure has produced a robust platform for innovation.  Moving forward, state regulators will continue to streamline regulation and automate licensing across state lines, ensuring the system will work even better for state-licensed companies and consumers while protecting taxpayers.”

The CSBS filing is available here.  Attached exhibits sent with the complaint are available here.

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