OCC Adopts Policy Statement On Fintech Eligibility For US National Bank Charters

The Office of the Comptroller of the Currency (OCC) announced July 31, 2018, that it will begin accepting national bank charter applications from financial technology companies. In December 2016, the OCC initiated  a public comment process concerning fintech charters that culminated with the July 31, 2018, issuance of a Policy Statement on Financial Technology Companies' Eligibility to Apply for National Bank Charters (Policy Statement) and a related supplement to the Comptroller's Licensing Manual (Supplement).

In the Policy Statement, the OCC explains that it is the policy of the OCC to consider applications for national bank charters from companies conducting the business of banking, provided they meet the requirements and standards for obtaining a charter. This policy now includes considering applications for special purpose national bank (SPNB) charters from financial technology companies that are engaged in the business of banking but do not take deposits.