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Banking Law Keyed to Carnell, 7th Ed.
Vullo v. Comptroller of the Currency
Citation:
378 F. Supp. 3d 271 (2019)Facts
The Office of the Comptroller of the Currency (OCC) is the federal agency responsible for chartering and regulating national banks under the National Bank Act (NBA). In 2003, OCC amended its regulations to allow for special-purpose national bank charters for entities that conduct at least one of three core banking functions: receiving deposits, paying checks, or lending money. Beginning in 2016, OCC began exploring whether to accept applications for these special-purpose charters from non-depository fintech companies. After several years of consideration, including publishing white papers, receiving public comments, and issuing draft licensing manuals, OCC announced on July 31, 2018, its decision to begin accepting applications for special-purpose national bank charters from non-depository fintech companies. The New York State Department of Financial Services (DFS), which regulates state-chartered financial institutions and non-bank financial services firms in New York, challenged this decision, arguing that it would undermine state regulatory authority, exempt fintech companies from state consumer protection laws, and deprive DFS of assessment revenue from entities that might opt for federal rather than state charters.
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