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OCC sets stage for FinTech firms to charter as national banks

Joe Mont | December 5, 2016

The Office of the Comptroller of the Currency has announced that it is considering applications from financial technology (FinTech) companies to become special purpose national banks.

 “The OCC will move forward with chartering financial technology companies that offer bank products and services and meet our high standards and chartering requirements,” Comptroller Thomas Curry said during remarks at the Georgetown University Law Center. He explained that considering FinTech charter applications provides businesses the 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.

During the past year, the number of FinTech companies in the United States and United Kingdom has ballooned to more than 4,000...

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