OCC seeks comment on plan to allow fintechs to seek bank charters
Comptroller of the Currency Thomas J. Curry has announced the Office of the Comptroller of the Currency will consider applications from financial technology companies to become special purpose national banks.
Curry has described several reasons for considering special purpose national charters for fintech companies, according to an OCC press release.
"First and foremost, we believe doing so is in the public interest," Curry said in an address at the Georgetown University Law Center. "It is clear that fintech companies hold great potential to expand financial inclusion, empower consumers, and help families and businesses take more control of their financial matters."
Companies that seek a charter are evaluated to ensure they have a reasonable chance of success, appropriate risk management, effective consumer protection, and strong capital and liquidity, the release said.
The OCC has published a paper discussing the issues and conditions it will consider in granting special purpose national bank charters. The paper is available on the agency's website at occ.gov and comments may be submitted through Jan. 15.
Topics: Regulatory Issues