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Tom Curry Weighs in on Federal Fintech Charters in PaymentsCompliance

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Tom Curry, a partner in Nutter’s Corporate and Transactions Department and a co-leader of the firm’s Banking and Financial Services group, offered input on the federal fintech charter in PaymentsCompliance. The article, “U.S. Fintech Charter Impasse Remains Despite Lawsuit Dismissal,” explored Judge Dabney Friedrich of the U.S. District Court for the District of Columbia’s ruling that the Conference of State Bank Supervisors had no standing to challenge plans by the Office of the Comptroller of the Currency to establish a federal licensing program for non-bank fintech providers. Tom, the former OCC head who designed the charter program, said, “Although CSBS’ suit has been dismissed, the underlying substantive issue as to whether an OCC fintech charter is authorized under the National Bank Act and related OCC regulations remain.” Tom noted the issue may be ultimately decided by the U.S. Supreme Court.

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