What New Bank Charters Mean For Fintech

Law360 (October 11, 2018, 2:55 PM EDT) -- Following the Office of the Comptroller of Currency’s July issuance of a policy statement[1] and supplement to its licensing manual[2] relating to special-purpose national charters for non-deposit-taking financial technology companies that are engaged in the business of banking, as well as the U.S. Treasury Department’s support in its July report,[3] fintech firms across the country are looking into what this process entails and the potential benefits accompanying a special-purpose national bank charter.

The special-purpose fintech charter is designed to incentivize innovation by allowing fintech firms to operate on a national scale, like other national banks, without having to obtain 50 state...

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