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ARTICLE · 09 AUGUST 2018

Federal Charters For Fintech: Empowering Disruptors, Increasing Banking Competition

Troutman Pepper Locke LLP
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On July 31, 2018, the OCC announced its intent to accept applications for special purpose national bank charters from eligible non-depository financial technology companies.

United StatesTechnology
Jacob Lutz, III
Jacob Lutz, III
James Stevens
James Stevens
Seth Winter
Seth Winter
Alan Wingfield
Alan Wingfield
Zayne Ridenhour Tweed
Zayne Ridenhour Tweed
Author LinkedIn connections

On July 31, 2018, the Office of the Comptroller of the Currency ("OCC") announced its intent to accept applications for special purpose national bank charters from eligible non-depository financial technology ("Fintech") companies.[1] This announcement coincides with the release of a Treasury Department report supporting financial innovation and the regulation of nonbank financial entities.[2] These announcements signal a significant shift in the current banking marketplace. On the one hand, the announcements are good news for Fintech disrupters, as it opens an avenue to reaching a nationwide market despite sometimes hostile state laws. On the other, for traditional banks, the announcements are a further harbinger, if any is needed, of the emerging new competition from Fintech.

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