December 12, 2017

Statement of DFS Superintendent Maria T. Vullo Regarding the Decision of the United States District Court for the Southern District of New York

DFS appreciates the Court’s careful consideration of this important matter. As set out in the Court’s decision, the OCC represented to the Court that it has not yet determined whether it will issue charters to fintech companies and it has not received any applications for such a charter. As we have asserted, the OCC lacks the authority to issue fintech charters under the National Bank Act, an issue the Court did not reach. We also appreciate the Court’s suggestion “that it would be sensible for the OCC to provide DFS with notice as soon as it reaches a final decision given DFS’s stated intention to pursue these issues and in consideration of potential applicants whose interests would be served by the timely resolution of any legal challenges.”

Given the OCC’s statements since DFS filed this suit, we hope that the OCC will abandon its pursuit of the chartering of nondepository institutions.