The Department of Justice on behalf of the Office of the Comptroller of the Currency indicated it would oppose the lawsuit by the New York State Department of Financial Services that challenged OCC’s decision to potentially grant special purpose national bank charters to qualified financial technology companies. DOJ indicated it will argue that NYDFS had no standing to bring its legal action at this time as it has suffered no harm and, in any case, OCC has authority to issue fintech charters under its interpretation of what constitutes the "business of banking” under its relevant legal authority. OCC announced in July 2018 that it would begin accepting applications for special purpose charters from fintech companies that propose to engage in one or more “core banking functions” of paying checks or lending money, but not taking deposits. (Click here for background regarding the OCC’s action in the article “OCC and Fintech Charters” in the August 5, 2018 edition of Bridging the Week, and here for information on the NYDFS's lawsuit in the article “NYDFS Sues OCC Over FinTech License; Other State Financial Regulators Say Their Legal Challenge is Right Behind” in the September 16, 2018 version of Bridging the Week.) In response to OCC's letter, NYDFS insisted that its legal action was not premature, and that OCC's proposed fintech charter for entities that won't accept deposits is contrary to OCC's authority solely to license entities engaged in the business of banking. Non-depository institutions are exclusively within the licensing authority of states, claimed NYDFS. The Conference of State Bank Supervisors also filed a lawsuit against the OCC for its fintech charter plans during October 2018 (click here to access a copy of the relevant complaint).