OCC to Accept Applications for Federal FinTech Charters
On July 31, the Office of the Comptroller of the Currency (OCC) announced that it will begin accepting applications for limited-purpose national bank charters formed to provide nondepository financial technology, or “fintech,” bank products and services. The federal charter will largely allow fintech businesses 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. Following the OCC’s announcement, legal challenges to the federal fintech charter may soon be forthcoming.