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OCC Proposes Chartering Process for FinTech Firms
29 March 2017
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On March 15, 2017, the OCC released a draft supplement to its Licensing Manual and a summary of comments, both related to the proposed special purpose national bank charter rule from December 2016.
The draft supplement describes the process for firms to follow when applying for a charter, including protocols for pre-filing discussions with the OCC.
The summary of comments makes clear that the OCC does not intend any type of relaxed supervision or “regulatory sandbox” for charter recipients.
Gregory J. Lyons
David L. Portilla
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