N.Y. state refiles suit to block OCC's 'reckless' fintech charter

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WASHINGTON — New York state’s financial regulator is reviving litigation against the Office of the Comptroller of the Currency in an attempt to block the agency from offering a first-ever national bank charter for fintech firms.

Maria Vullo, superintendent of the New York State Department of Financial Services, filed a lawsuit Friday arguing that a special-purpose charter, which the OCC recently said it would consider for fintech applicants, goes beyond the federal agency’s statutory authority.

The OCC charter is “lawless, ill-conceived, and destabilizing of the financial markets,” the lawsuit says.

Maria Vullo, superintendent of the New York State Department of Financial Services, filed a lawsuit Friday arguing that a special-purpose charter goes beyond the OCC’s statutory authority. Bloomberg News

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