Skip to main content

Ryan Comments on New York Court Ruling

Statement by John Ryan, President & CEO, Conference of State Bank Supervisors

Washington, D.C. -- “State financial regulators are pleased by the decision today made by the U.S. District Court for the Southern District of New York, ruling that the New York Department of Financial Services’ (DFS) case against the OCC is ripe for consideration and should proceed, rejecting the OCC’s claims to the contrary. As DFS Acting Superintendent Linda Lacewell said, ‘this is a resounding triumph for consumers and the regulated banking industry.’

“As to the similar litigation CSBS has with the OCC, we continue to believe that the OCC has acted outside its congressional mandate in seeking to grant national bank charters to nonbank entities. Indeed, the Court said today that 'receiving deposits is an indispensable part of the business of banking.'

"We look forward to our case, as well as New York’s, resulting in a clear message that the OCC does not have the authority to preempt state laws, including for consumer protection, by unlawfully expanding its mandate.” 

You can read the Court's decision here and New York's statement here

Recent Press Releases Posts

Press Releases
As the primary regulator of fintechs, state financial regulators have expertise, data and real-time…
Jun 25, 2019
Press Releases
Washington, DC – Twenty-three states have committed to a multistate agreement that standardizes key…
Jun 24, 2019
Press Releases
The first in a series provides a summary of the various market segments within the nonbank…
Jun 7, 2019
Press Releases
State financial regulators released the 2018 full year Mortgage Industry Report with data covering…
Jun 7, 2019
exit