Payments News

Regulation

U.S. State Banking Regulators Drop Lawsuit Over Fintech Charters

“A group of U.S. state banking regulators dropped its lawsuit seeking to block the federal government from granting bank charters to fintech companies on Thursday, after the company that was first in line modified its business plan. The Conference of State Bank Supervisors (CSBS) sued the U.S. Comptroller of the Currency (OCC) in 2020, arguing that giving national bank status to fintechs would flout states’ authority to oversee non-bank lenders.”