A federal regulation that would have allowed the Trump administration to essentially label certain fintech—or financial technology—companies as banks and allow them to avoid certain state regulations was struck down in a decision from a federal judge in Manhattan late Monday.
The decision is the result of a lawsuit from the New York State Department of Financial Services, which had claimed the regulation would harm consumers.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]