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ARTICLE · 27 JANUARY 2022

CRS Analyzes Bank Charters As Interest From FinTech Firms Increases

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The CRS said that FinTech firms were seeking national trust charters from the OCC, and special-purpose state charters in Wyoming and New York State.

United StatesTechnology
Sebastian Souchet
Sebastian Souchet
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In a new report, the Congressional Research Service ("CRS") reviewed the federal and state bank charter process and analyzed risks associated with potential charters for FinTech firms and certain issuers of cryptocurrency.

The CRS reported that banks continued to decline in number because of closures and consolidations ("from over 18,000 institutions in the 1980s to under 5,000 today"), as a result of "relaxing inter-state banking restrictions and other regulations to facilitate national bank branching, technological advances that support economies of scale of larger institutions, financial crises that result in bank closures, and mergers and acquisitions." The CRS called this a perennial concern for Congress.

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