The specific situation: any office of the Comptroller associated with Currency (“OCC”) has appealed a choice through the Southern District of the latest York that figured the OCC does not have the authority to give “Fintech Charters” to institutions that are nondepository.
The effect: the 2nd Circuit may have a chance to deal with a concern closely associated with its controversial choice from 2015, Madden v. Midland Funding LLC.
Looking Ahead: 2020 may hold significant developments for nonbank market individuals, stemming through the Fintech Charters lawsuit as well as other lawsuits which will offer courts utilizing the chance to consider in regarding the merits of Madden.
On Thursday, December 19, 2019, the OCC filed a benefit of a ruling that may have significant ramifications for nonbank individuals in monetary areas plus the range regarding the OCC’s authority to manage them. Read More