October 22, 2019

SUPERINTENDENT OF FINANCIAL SERVICES LINDA A. LACEWELL STATEMENT ON COURT RULING ON OCC'S FINTECH CHARTER:

Superintendent of Financial Services Linda A. Lacewell is pleased the Court has entered final judgment in favor of DFS. This decision makes the financial well-being of consumers from New York and around the country a priority. It reflects the rational conclusion that DFS and other state banking regulators have the expertise to provide the strict supervisory oversight and enforcement of anti-money laundering and consumer protection statutes and regulations that non-depository financial service providers are required to follow. The decision stops OCC’s attempt to usurp state authority by establishing a federal fintech regulatory framework at the expense of consumers. Going forward, DFS will continue to be a fierce advocate for consumers in New York and nationwide.

###