FinTech Charter Hits Speed Bump

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PYMNTS | May 6, 2019

Fintech 2 - FinTech Charter Hits Speed BumpThe suit can proceed.

The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies.

Judge Victor Marrero, presiding over the U.S. District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency (OCC).

The New York department had argued that the OCC had stepped beyond its regulatory authority (and is misinterpreting the National Bank Act) when it had offered the “special purpose” charter in the middle of last year.

The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA

. Indeed, if DFS’ characterization of the impact is accurate – which the Court assumes, given the posture of this order … the OCC’s reading is not so much an ‘interpretation’ as ‘a fundamental revision’ of the NBA.”

See:  Tech’s raid on the banks

The national licenses would let FinTechs lend money and paychecks to consumers.

Separately, in news germane to the OCC, it has opened up a 45-day public comment period on a proposed Innovation Pilot Program encouraging banks to participate in pilots spanning as long as 24 months. It would allow banks to offer regulatory impact on innovations that include some tech-driven initiatives. The pilot program is distinct from a sandbox approach, where pilots tied to innovation get regulatory waivers.

Separately, the Reserve Bank of India late last week said it has fined Yes Bank as much as 11.25 lakh (roughly $1.6 million USD) as a penalty under the Payment and Settlement Systems Act of 2007. The penalty was levied in the wake of violations that involved the “issuance and operation of prepaid payment instruments in connection with certain product features of an open loop prepaid card (co-branded) previously issued by the bank,” according to Yes Bank. The prepaid product had been launched as a pilot program in September of 2017 and was discontinued in March of last year.

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NCFA Jan 2018 resize - FinTech Charter Hits Speed Bump The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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