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A customer uses an Apple iPhone to make a payment on a Square device. (Photo: David Paul Morris/Bloomberg)

A federal judge in the Southern District of New York on May 2 rejected a motion from an office within the U.S. Treasury Department to dismiss a lawsuit from the New York State Department of Financial Services (DFS) seeking to prevent the federal government from issuing certain bank charters to financial technology companies.

The state agency, which regulates financial institutions in New York, is suing the Office of the Comptroller of the Currency over a decision to essentially label fintech companies as banks, saying it will diminish its power to regulate the activities of those entities.

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