What Challenges To OCC Charter Mean For Fintech Cos.

By Pratin Vallabhaneni and Margaux Curie (November 7, 2019, 6:07 PM EST) -- Fintech companies seeking to offer consumer financial products and services in the U.S. often must go through the time-consuming, costly process of obtaining a license in each state in which they intend to operate. In an effort to promote efficiency and reduce regulatory complexity, the U.S. Office of the Comptroller of the Currency proposed to issue a special-purpose national bank charter to nondepository fintech companies wishing to conduct regulated banking activities on a national scale.

The Fintech charter has been challenged in court by the New York Department of Financial Services, which considers the OCC's initiative as infringing on its jurisdiction....

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