Statement by John Ryan on Federal Court Decision in CSBS vs. OCC
Washington, D.C. – “We have received a decision from Judge Dabney Friedrich on Conference of State Bank Supervisors vs. Office of Comptroller of the Currency, a case brought in the U.S. District Court for the District of Columbia. The case involves OCC’s efforts to create a national bank charter for non-depository financial technology firms. Such efforts exceed the OCC’s statutory authority, CSBS argued.
“I appreciate Judge Friedrich’s consideration and timely decision on this matter. In essence, the Judge decided that the OCC has not made a final decision on proceeding with the fintech charter and, thus, the matter is not yet ripe for consideration. As a result, the Judge did not render a decision on the merits of our case.
“State regulators continue to supervise a vibrant financial services market of banks and nonbanks alike, promoting access to innovative products while ensuring consumer protection. Indeed, states are actively modernizing financial regulation by moving towards an integrated, 50-state system of licensing and supervision for fintechs and other nonbanks.”
John Ryan is president and CEO of CSBS.
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The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.