Financial technology companies have long sought regulatory clarity on a federal scale—and they almost had it, with the federal Office of the Comptroller of the Currency’s July announcement that it would accept national bank charter applications from nondepository fintech companies.

But New York’s Department of Financial Services’ suit, Vullo v. Office of the Comptroller of the Currency, filed Friday in the U.S. District Court for the Southern District of New York, could further delay national regulation, some practitioners said. DFS previously filed a suit last year hoping to block the OCC charter but federal Judge Naomi Reice Buchwald dismissed the the suit in December, saying it was premature.

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