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July 19, 2017

STATEMENT BY FINANCIAL SERVICES SUPERINTENDENT MARIA T. VULLO IN RESPONSE TO COMMENTS MADE TODAY BY ACTING OCC COMPTROLLER KEITH NOREIKA REGARDING A NATIONAL BANK CHARTER FOR NON-BANK FINANCIAL SERVICES COMPANIES

“New York continues to stand by its position that the OCC lacks the authority to charter nonbank financial services firms and only state regulators like DFS have the extensive experience, knowledge, and skills to supervise these cash-intensive companies.  As we clearly assert in our lawsuit, the OCC is simply not equipped nor legally authorized to provide the strict oversight and enforcement of anti-money laundering, consumer identification and transaction monitoring statutes and regulations that nonbank financial services companies require.  Additionally, providing nonbank financial services companies with an OCC charter will have a detrimental effect on well-regulated community and regional banks.  DFS will continue to fight the OCC’s efforts and work to support the Conference of State Banking Supervisors in its own lawsuit challenging the OCC’s ill-conceived plan.”

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