Legislative Bill Tracking
Following the OCC’s conditional approval of a fintech firm’s national charter application earlier this month, the NY Department of Financial Services filed a new lawsuit challenging the OCC’s authority to do so, after a similar lawsuit filed earlier this year was dismissed on the grounds that the claim was not ripe. The Department’s filing follows an announcement by the Council of State Bank Supervisors that their group, representing state regulators throughout the country, would pursue a similar lawsuit against the OCC.
The House Financial Services Committee advanced several bills yesterday, including one that would preempt state-by-state data breach notification standards (H.R. 6743). The Committee also approved a bill, co-sponsored by Rep. Greg Meeks (D-Brooklyn), that would exempt affiliates and subsidiaries of insured depositories from the definition of “deposit broker” under Section 29 of the Federal Deposit Insurance Act.
For additional information on any of the State or Federal issues, please contact:
Michael P. Smith, President, NYBA, at (212) 297-1699
Clare M. Cusack, General Counsel, at (212) 297-1664