"Technology-based products and services are the future
of banking and the economy."
"What excites me most about the changes occurring in
financial services is the great potential to expand financial
inclusion, reach unbanked and underserved populations, make
products and services safer and more efficient, and accelerate
their delivery. To live up to that potential, innovators must
demonstrate real responsibility – whether innovating within
or outside the federal banking system."
With these remarks, Comptroller of the Currency Thomas J. Curry
announced on December 2 that the Office of the Comptroller of the
Currency ("OCC") would move forward with considering
applications from fintech companies that conduct at least one of
three core banking activities (i.e., receiving deposits, paying
checks or lending money) to become special purpose national
banks. Announcement. The Comptroller explained that
such fintech companies will have the option to seek a charter but
will
