Key takeaways

• 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.