FinTech is Coming: The OCC Proposes Allowing FinTech Companies to Apply for Special Purpose National Bank Charters

    View Author December 2016

    On December 2, 2016, Comptroller of the Currency Thomas Curry announced that the Office of the Comptroller of the Currency (OCC) is planning to allow financial technology (FinTech) firms to apply for limited-purpose bank charters. The OCC concurrently released a white paper titled “Exploring Special Purpose National Bank Charters for FinTech Companies,” which sets forth principles for FinTech chartering.

    In this client alert, we discuss the key aspects of the OCC’s proposed FinTech National Bank Charter.