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OCC Will Accept Fintech Charter Applications

Law360 (July 31, 2018, 2:01 PM EDT) -- The Office of the Comptroller of the Currency said Tuesday it will begin accepting applications for special-purpose national bank charters from financial technology companies that don’t take deposits, moving forward with a concept that’s been the subject of industry anticipation and state regulator litigation.

The OCC’s announcement ends months of speculation about whether Comptroller Joseph Otting would press ahead with the so-called fintech charter, an idea that the agency unveiled in December 2016 as a way to promote financial innovation.

Although state banking regulators have argued that such charters are risky and outside the agency’s authority, the OCC stressed Tuesday that...

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