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Fintech Charter Suit on Hold as Bank Regulator Reviews Policies

June 17, 2021, 9:30 PM

A federal court has paused a state challenge to the Office of the Comptroller of the Currency’s ability to let fintech companies gain special national bank charters.

The U.S. District Court for the District of Columbia on Wednesday granted a request by the Conference of State Bank Supervisors to pause its lawsuit for 90 days as the OCC reviews whether to continue fintech policies adopted during the Trump and Obama administrations.

That review includes a pending bank charter application from Figure Technologies Inc., a blockchain-based financial services provider that plans to take uninsured deposits.

The court asked the OCC and ...

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