OCC to Appeal Decision Holding That It Lacks Authority to Issue Special Purpose National Bank Charters to Non-Depository Fintechs: A Successful Appeal by the OCC Could Greatly Expand and Simplify the Ability of Certain FinTech Companies to Make Loans

Sullivan & Cromwell LLP - October 23, 2019

The S.D.N.Y set aside the OCC’s regulation allowing for the issuance of special purpose national bank charters to non-depository fintech companies. The OCC has already announced its intention to appeal the decision. A successful appeal could greatly expand and simplify the ability of certain fintech companies to make loans.