On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the Currency would move forward with considering applications from Fintech companies to become special purpose national banks. Report.
The Comptroller explained that the proposed action will provide businesses with the option to seek a charter rather than imposing a mandate. The OCC will evaluate applicants to ensure they have a reasonable chance of success, appropriate risk management, effective consumer protection, and strong capital and liquidity.
The OCC published a paper discussing the issues and conditions that the agency will consider in granting special purpose national bank charters. Report. Comments on the proposal may be submitted through January 15, 2017.
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