A Turning Point for FinTech? OCC and Treasury Signal Commitment to Financial Innovation

10 August 2018
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Key takeaways:
  • July 31, 2018 saw two major FinTech-related developments: the Treasury Department called for sweeping regulatory changes to encourage financial innovation and the OCC released its long-awaited policy allowing FinTech companies a path to receiving special purpose national bank charters.
  • Together, these developments suggest that recent growth in the FinTech sector is likely to continue, and even accelerate, in the coming months and years.
  • The regulatory regime that the OCC has offered to FinTech firms provides both opportunities and challenges. At a minimum, firms should consider whether a special purpose national bank charter makes sense as part of their business plan and strategic priorities.