Discover more from FinRegRag
Rogue Footnote One: A Bank Wars Story
Last week the Office of the Comptroller of the Currency (OCC) filed its response to the Conference of State Bank Supervisor’s lawsuit that…
Last week the Office of the Comptroller of the Currency (OCC) filed its response to the Conference of State Bank Supervisor’s lawsuit that alleged that the OCC exceeded its authority in planning to offer special purpose national bank charters to non-depository fintech firms. The brief the OCC filed was substantive, dense, and filled with footnotes. Apparently a little too filled with footnotes, because the court rejected it because of “excessive” footnoting. The concern is that the OCC is trying to skirt the courts limits on pages by putting substantive arguments in the footnotes. The OCC has until Wednesday to file a new brief with “no more than 10 footnotes…” Once that is filed (and I get back from beautiful Bretton Woods, New Hampshire) we will have the next main-line episode of Bank Wars. In the meantime I am going to go back to enjoying this view.