Yesterday the Second Circuit Court of Appeals effectively brought to an end the New York Department of Financial Service's second lawsuit seeking to prevent the Office of the Comptroller of the Currency from issuing charters to FinTech companies that are in the "business of banking" but do not take deposits. The Court concluded that DFS, which regulates financial institutions in New York, did not have standing to proceed with its lawsuit because the risk of injury to DFS was "too speculative." Currently, FinTech companies that offer certain products or services are required to be licensed and regulated by every state in which they transact business. Obtaining a "FinTech Charter" from the OCC would leave companies with one federal regulator.