The Conference of State Bank Supervisors filed a complaint in the U.S. District Court for the District of Columbia opposing the OCC’s creation of a new national bank charter for nonbank companies and its impending approval of a charter application from Figure Technologies Inc.
“If the OCC is allowed to create a special purpose nonbank charter, it would redefine our entire banking system, create new systemic risks and set a dangerous precedent that any federal agency can act beyond its legal limits,” CSBS President John Ryan said in a release.
