June 03, 2021

STATEMENT BY SUPERINTENDENT LINDA A. LACEWELL ON SECOND CIRCUIT COURT OF APPEALS RULING ON FINTECH CHARTER CASE:

"Today's decision from the Second Circuit found that the New York State Department of Financial Services’ (DFS) challenge to the OCC’s special purpose charter was not ripe at this time without reaching the merits of the legality of this program. States are the vanguards of consumer protection which is more important now than ever given the global pandemic and resulting economic crisis which has disproportionately adversely affected communities of color and women. Their needs remain imperative and DFS will continue to fight to protect them and vindicate their rights. This includes guarding against any encroachment on the state regulatory system which is traditionally more consumer protective and this is particularly true in New York. With new leadership at the OCC, we urge them to reconsider this ill-advised program. It is incumbent upon us to work together in our dual state-federal financial system to ensure both safety and soundness of industry and protection of the consumers who rely on financial products and services. We take our responsibilities seriously and will continue to remain vigilant on behalf of consumers.”

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