May 12, 2017 / 7:19 PM / 4 months ago

New York regulator sues U.S. OCC over 'fintech' charters

NEW YORK, May 12 (Reuters) - New York’s banking regulator on Friday sued the U.S. Office of the Comptroller of the Currency over its decision to offer special-purpose charters that would let online lenders and other “fintech” companies do business nationwide.

In the lawsuit, filed in U.S. district court in Manhattan, Maria Vullo, superintendent of the New York Department of Financial Services, called the decision to grant the national charters “lawless, ill-conceived and destabilizing of financial markets” that are properly and most effectively regulated by the state.

The lawsuit, against the OCC and acting comptroller Keith Noreika, seeks to void the decision.

Reporting By Karen Freifeld; Editing by Steve Orlofsky

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