The OCC has filed a motion to dismiss in a court case filed by the CSBS suggesting that the agency is not authorized to issue the fintech charter it has been drafting to support the growth of fintech companies in the US; the primary argument of the CSBS centers around the issuance of a national charter to fintech companies offering only unbundled banking services with no deposit taking business; in its motion to dismiss the OCC says the CSBS' allegations are speculative given that the OCC has not yet begun taking any applications for a national charter. Source
The Conference of State Bank Supervisors (CSBS) is suing the OCC to challenge its plans for a fintech charter; central to the case is the OCC's authority to grant special purpose bank charters; CSBS President and CEO John Ryan says, "The OCC's proposed action ignores Congress, seeks to preempt state consumer protection laws, harms markets and innovation, and puts taxpayers at risk of inevitable fintech failures." Source