Fintech-Regulation Debate Delayed
It is not the right time to determine who should regulate fintech startups, according to the US District Court for Washington, D.C., which has dismissed a lawsuit to prevent the US Comptroller of the Currency from establishing nation-wide charters for fintech companies.
US District Judge Danny Freidrich concluded in her decision that since the OCC had not made a final decision regarding nation-wide charters that any claim of harm to the Conference of State Bank Supervisors, which brought the suit, was speculative, reported Reuters.
Such charters might ease the regulatory burden on new fintech companies by having them apply for a single nation-wide charter rather than seeking regulatory approval from each state in which they would wish to operate.
The conference filed its suit in April 2017 and cited that the OCC overstepped its statutory authority in planning to grant such charters.
“In essence, the judge decided that the OCC has not made a final decision on proceeding with the fintech charter and, thus, the matter is not yet ripe for consideration. As a result, the judge did not render a decision on the merits of our case,” John Ryan, president and CEO of CSBS, said in a prepared statement.
The OCC expects to publish its position on nation-wide fintech charters in the next 60 to 90 days, reported Reuters.
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