On December 2, 2016, Comptroller of the Currency Thomas Curry confirmed that the agency will begin considering applications from FinTech companies to become special purpose national banks, saying that the Office of the Comptroller of the Currency (OCC) will charter “financial technology companies that offer bank products and services and meet our high standards and chartering requirements.” The OCC simultaneously released a white paper on issues addressing the conditions on extending national bank charters to FinTech companies. The post highlights several of the white paper’s topics of particular significance to FinTech companies, including rules and standards for a special purpose national bank and supervisory expectations and the chartering process.
Obrea O. Poindexter serves as co-chair of the Financial Services Practice Group at Morrison & Foerster LLP, heads the firm’s mobile payments group, and is co-chair of the FinTech group. More ›
Oliver Ireland's practice focuses on retail financial services and bank regulatory issues including consumer protection regulations and CFPB powers and initiatives, and all types of payment transactions, including compliance with NACHA rules. More ›
Sean Ruff is co-head of the FinTech Practice Group. Mr. Ruff’s practice focuses on advising clients from the rapidly developing FinTech sector. More ›
Crystal N. Kaldjob is an associate in the Financial Services Group of Morrison & Foerster’s Washington, D.C. office. More ›