Comptroller to consider special bank licences for fintechs
The US Office of the Comptroller of the Currency (OCC) will consider applications from fintech companies to become special purpose national banks, according to Comptroller Thomas J. Curry. The OCC has published a white paper that discusses the issues and conditions for granting special purpose national bank charters and is requesting stakeholder comments.
In remarks at the Georgetown University Law Center, Comptroller Curry announced that the OCC will consider applications from financial technology (fintech) companies to become special purpose national banks. The Comptroller explained that considering fintech charter applications provides businesses a choice without creating a requirement to seek a charter. Companies that seek a charter are evaluated to ensure they have a reasonable chance of success, appropriate risk management, effective consumer protection, and strong capital and liquidity. In addition, the OCC has published a paper discussing the issues and conditions that the agency will consider in granting special purpose national bank charters. Comments regarding the decision and the paper may be submitted through January 15, 2017.