The U.S. Office of the Comptroller of the Currency’s plan to offer a special-purpose bank charter for financial technology companies “undermines” the Department of Financial Services’ regulatory authority in New York, the state agency argued in court documents.
A federal court in Manhattan should not dismiss a complaint filed in May by New York’s banking regulator, Vullo v. Office of the Comptroller of Currency, 17 Civ. 3574, against the OCC, an independent office within the U.S. Treasury Department, because the state agency has standing to sue the agency, DFS lawyers said in the memorandum of opposition to dismiss filed on Monday.
