Devil Is In Details On OCC Fintech Charter, Attys Say

Law360 (August 1, 2018, 10:23 PM EDT) -- The Office of the Comptroller of the Currency’s decision to move forward with its proposed fintech charter has come as welcome news to boosters of the financial technology industry, but financial services attorneys say the agency’s announcement still leaves some uncertainty in the air.

The OCC said Tuesday that it will begin taking applications from non-deposit-taking fintech firms for special-purpose national bank charters, an idea that has been kicking around the agency since 2016 and that could give these companies a pathway around some of the burdens they’ve faced in complying with multiple states’ regulations and licensing requirements.

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