The Office of the Comptroller of the Currency (OCC) announced on
Tuesday that it would be accepting applications for special-purpose
national bank charters for financial technology companies, hours
after the Treasury Department released a report approving that step
(among other required innovations in the regulation of banking).
The grant of special-purpose national bank charters would allow
fintech companies, marketplace and online lenders, payment service
providers and cryptocurrency issuers to conduct regulated banking
activities, including making loans and engaging in payments
activities, without the need for state-by-state licensing and
regulatory compliance.
The recipients of special-purpose national bank charters would
operate without FDIC deposit insurance, to the extent applicants
would not take deposits, and would be subject to the same standards
and level of supervision as similarly situated national banks. This
would include comprehensive risk assessment,
