A federal judge has ruled on a New York lawsuit set against the Office of the Comptroller of the Currency’s decision to begin offering fintech charters, stating that the suit was ‘premature’ as the OCC has yet to receive applications for these fintech charters.

Judge Naomi Reice Buchwald noted that the complaints listed in the suit, filed by a New York state regulator were “not ripe,” as reported by the Wall Street Journal, especially as the OCC has yet to decide whether or not it would grant fintech charters to financial firms.

As these charters would allow holding companies to operate under federal banking laws without needing to comply with certain deposit regulations, the OCC’s decision to offer the charters in the first place has been contested within financial services.

As yet, the OCC has not granted one of these charters to a fintech company, nor has it received any applications for a charter.

Read more at The Wall Street Journal, American Banker, and Business Insider.

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