By Chris Bruce
The Office of the Comptroller of the Currency Aug. 2 renewed its bid to dismiss a court challenge to a closely watched fintech initiative after a previous filing drew a rebuke from a federal judge ( Conf. of State Bank Supervisors v. Office of the Comptroller of the Currency , D.D.C., 17-cv-00763, motion to dismiss 8/2/17 ).
The Conference of State Bank Supervisors has sued to block what it says is final OCC action to create a new special purpose national bank charter for financial technology companies and other nonbank firms. The OCC July 28 asked Judge James E. Boasberg of the U.S. District Court for the District of Columbia to throw out the suit, but Boasberg struck the OCC’s filing. He said it had too many footnotes and ordered the agency to file a new motion.
The OCC did so with a motion backed by a 51-page brief. The agency said the CSBS hasn’t shown that it’s been harmed, and said it hasn’t yet reached a decision about whether it will offer the kind of charter at issue in the suit.
“The Court should conclude that none of the allegations contained in the Complaint presents either a justiciable case or controversy under the Constitution or a reviewable final agency action under the Administrative Procedure Act,” the filing said.
The OCC also said that even if the court takes on the merits of the case, the suit should still be dismissed because the agency has given an authoritative interpretation of the National Bank Act that deserves deference by the court.
The OCC’s filing came one day after a judge in the U.S. District Court for the Southern District of New York ordered briefing in a separate but similar fintech challenge to the OCC in that court by New York Department of Financial Services Superintendent Maria Vullo. Judge Naomi Reice Buchwald said the OCC’s motion to dismiss that case is due Aug. 25.
To contact the reporter on this story: Chris Bruce in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Ferullo at MFerullo@bna.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)