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A Turning Point for FinTech? OCC and Treasury Signal Commitment to Financial Innovation
10 August 2018
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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.
Gregory J. Lyons
Norma Angelica Freeland
UK Modern Slavery Act Transparency Statement
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