Tag Archives: preemption

Reminder from the OCC: National Banks Not Subject to Visitorial Powers of State Authorities

On Friday, April 24, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a short bulletin reminding federally chartered banks (i.e., national banks, federal savings associations, and federal branches and agencies of foreign banks) and other interested parties that the OCC has exclusive visitorial authority over federally chartered banks.  The bulletin states … Continue Reading

Article: Preemption of State Interest Rate Limitations – Current Challenges Involving Bank Partnership Models

In an article published in the Review of Banking & Financial Services, Covington partner Ashley M. Simonsen argues that “true lender” theories asserted in litigation to invalidate bank–fintech partnerships are inconsistent with federal law, and would chill the market for interstate lending.  The article also suggests that both Congress and the federal banking regulators should … Continue Reading

NYSDFS Sues to Block the OCC’s Special Purpose National Bank Charters for Fintech Companies

On September 14, 2018, Superintendent of the New York State Department of Financial Services (“NYSDFS”) Maria T. Vullo filed a complaint in federal court against the U.S. Office of the Comptroller of the Currency (“OCC”) to block the OCC from issuing any special purpose national bank (“SPNB”) charters. The OCC announced last month, after much … Continue Reading

State Banking Regulators Oppose OCC Fintech Charter

With this week’s close of the comment period on the December 2016 whitepaper by the Office of the Comptroller of the Currency (“OCC”) regarding special purpose charters for fintech companies, which we discussed in a previous client alert, several key stakeholders have weighed in on the OCC’s plans.  Notably, on January 13, 2017, the Conference … Continue Reading
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