OCC Considering Applications from Fintech Companies to Become Special Purpose National Banks

Last week the Comptroller of the Currency's Thomas Curry confirmed that the OCC will begin considering applications from Fintech companies to become special purpose national banks, saying that the OCC will charter "financial technology companies that offer bank products and services and meet our high standards and chartering requirements." The move opens the door to the more than 4,000 fintech companies to get a special purpose national bank charter, but would not allow such entities to accept FDIC insured deposits without separate approval. The OCC simultaneously released a white paper on issues addressing the conditions on extending national bank charters to Fintech companies.

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