If OCC Charter Case Is Dismissed, State Regulators Will Likely Sue Again, Say Fintech Attorneys

If OCC Charter Case Is Dismissed, State Regulators Will Likely Sue Again, Say Fintech Attorneys

August 3, 2017, Corporate Counsel Magazine

Michael Nonaka is quoted in a Corporate Counsel Magazine article regarding the Office of the Comptroller's argument that it cannot be sued over its plans for a special purpose national bank charter. According to Nonaka, "it's a fair assumption" the Conference of State Bank Supervisors would continue to pursue litigation against the OCC if the case is thrown out, noting that the complaint and the argument for harm "would be more closely tailored to whatever application was issued." Nonaka adds that he anticipates the special purpose charter will gain momentum again, once a permanent comptroller is in place.