FinTech companies granted opportunity to become special purpose national banks by the OCC

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.

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