Boomstein Speaks With Law360 on Office of the Comptroller of the Currency Fintech Lawsuit Victory

Fintech Charter’s Fate Still In Air After CSBS Suit Dismissal
– Law360

Manatt financial services partner Anita Boomstein spoke with Law360 on the Office of the Comptroller of the Currency (OCC)’s win in a lawsuit challenging its authority to grant specialized banking licenses to fintech firms. The case was brought by the Conference of State Bank Supervisors and sought to shut down the fintech charter program implemented by the OCC in 2018 to give fintech firms an alternative to state-by-state licensing and regulation. Boomstein said she doesn’t anticipate that this lawsuit will stop companies from applying for a fintech charter. “The fact that this is lurking in the background is likely not to stop the OCC from moving forward in the normal course with its acceptance of applications and its eventual grant of a charter to someone,” she said.

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