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OCC Fintech Charter Headed to the Second Circuit

OCC Fintech Charter Headed to the Second Circuit

The problem: any office of the Comptroller for the Currency (“OCC”) has appealed a determination through the Southern District of brand new York that figured the OCC does not have the authority to give “Fintech Charters” to institutions that are nondepository.

The end result: the next Circuit may have a way to deal with a problem closely pertaining to its decision that is controversial from, Madden v. Midland Funding LLC.

Looking Ahead: 2020 may hold significant developments for nonbank market individuals, stemming through the Fintech Charters lawsuit along with other lawsuits that could offer courts using the possibility to consider in regarding the merits of Madden. (more…)