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OCC Greenlights Special FinTech Bank Charter
5 December 2016
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On Friday, December 2, 2016, the OCC announced its intention to grant special purpose national bank charters to FinTech firms and issued a paper requesting further input from industry.
The OCC indicated that its authority was sufficient to take a flexible and tailored approach to FinTech firms that engage in bank-eligible activities, including deposits, payments and lending activities.
As with other national banks, newly-chartered institutions will be subject to capital and liquidity requirements and expected to comply with prudential and consumer laws and regulations.
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