OCC Announces New Federal Charter for FinTech Firms
On December 2, the Office of the Comptroller of the Currency announced that it will begin granting limited-purpose national bank charters to financial technology, or “fintech,” companies that offer bank products and services. The announcement was made in a speech by Comptroller of the Currency Tom Curry and details were set forth in a white paper published by the OCC. The federal charter would largely allow fintech companies to operate nationwide under a single set of national standards, without needing to seek state-by-state licenses or joining with brick-and-mortar banks. The OCC is now seeking comments on its white paper proposal.