OCC fintech charter receives blow from NY court

A New York federal judge ruled on Monday that the Office of the Comptroller of the Currency (OCC) lacks legal power to grant a bank charter to a fintech company, planting the OCC’s charter program in murkier grounds. One significant implication of the ruling is that the bank partnership model will continue to thrive as the best originating option for fintechs, market participants told GlobalCapital.