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29 Oct 2018, 3:09 pm
To help make its point as clear as possible, the CSBS consistently refers to the fintech charter as a “nonbank charter” throughout the Complaint rather than as a special-purpose national bank charter. [read post]
14 Jul 2016, 3:41 pm
Founded in 2010, Bay Bank was created out of special charter dedicated to acquiring failed banks through the Office of Thrift Supervision. [read post]
4 May 2021, 11:01 am
(In its complaint, CSBS alleged that there was uncertainty as to whether Figure Bank will accept deposits but claimed that regardless of whether Figure Bank would accept deposit, “it is clear that Figure Bank has applied for a [SBNB charter] because it will not be FDIC-insured. [read post]
14 Aug 2012, 2:24 pm
Standard Chartered insists the remarks are inaccurate. [read post]
25 Oct 2019, 5:13 am
In May 2019, a New York federal district court denied the OCC’s motion to dismiss a lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. [read post]
25 Jan 2010, 7:33 pm
Charter Bank management and Office of Thrift Supervision examiners argued for months over the quality of Charter's loans. [read post]
16 May 2019, 1:19 pm
As we reported, a dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued on May 2 by a New York federal district court in the lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of the charters. [read post]
30 Jan 2018, 3:59 pm
A bank’s choice of chartering authority is also a choice of primary regulator, as state regulatory agencies serve as the primary regulators of state-chartered banks, and the OCC serves as the primary regulator of national banks. [read post]
17 Aug 2007, 2:45 am
The Wall Street Journal Deal Journal blog (here) raises a question about trading in First Charter stock before the announcement that it would be bought out by Fifth Third Bank. [read post]
17 Aug 2012, 7:46 am
Standard Chartered’s banking license must be suspended or revoked. [read post]
20 Mar 2017, 3:35 pm
Following up on its unveiling of a proposal for financial technology (fintech) companies to have the option of obtaining a special purpose national bank charter, the US Treasury Department’s Office of the Comptroller of the Currency (OCC) released on March 15, 2017, a draft supplement (Supplement) to its standard Licensing Manual discussing what fintech companies should expect during the chartering process. [read post]
20 May 2010, 4:11 am
The Financial Services Authority has been collecting massive amounts of financial and organizational data from Barclays, HSBC Holdings, Royal Bank of Scotland Group and Standard Chartered, as Britain takes its first look at how to create the banks' "living wills. [read post]
24 Feb 2021, 6:29 pm
For now, at least, the national charter route for crypto-banks appears to remain open. [read post]
7 Jun 2021, 12:24 pm
Once again, the DFS alleged that the OCC does not have authority under the National Bank Act (NBA) to charter non-depository companies because such companies are not engaged in the “business of banking” as that term is used in the National Bank Act (NBA). [read post]
7 Mar 2019, 2:00 am
Banks, President, Real Estate Board of New York David G. [read post]
9 Apr 2010, 7:55 am
Once upon a time, Michigan regulators tried to oversee a Wachovia-owned mortgage business that had recently become a wholly-owned subsidiary of the nationally chartered bank, Wachovia. [read post]
23 Dec 2019, 10:00 am
The OCC has appealed to the Second Circuit from the district court’s final judgment entered in October 2019 in the lawsuit filed by the New York Department of Financial Services seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies. [read post]
9 May 2023, 12:15 am
As explained in this earlier post, the bank was a state chartered bank but it was not the bank's only regulator. [read post]
28 Nov 2006, 10:11 pm
In August, we noted that North Carolina seemed to be on a torrid pace in chartering new banks. [read post]
20 Mar 2017, 2:16 pm
On March 15, 2017, the Office of the Comptroller of the Currency (“OCC“) issued a “Draft Licensing Manual Supplement for Evaluating Charter Applications from Financial Technology Companies,” which provides additional details on the evaluation of national bank charter applications from financial technology (“fintech“) companies that engage in the business of banking. [read post]
