OCC Tells Fintechs It Is Open For Business

Last week, the Office of the Comptroller of the Currency (OCC) announced it would begin accepting applications for special-purpose national bank charters from fintech companies conducting banking activities other than taking deposits. The OCC also released a supplement to the Comptroller's Licensing Manual outlining the process for submitting fintech charter applications. Although the OCC's action is sure to be challenged by state regulators and others, the OCC's announcement is a highly anticipated step that offers fintech companies the opportunity to reduce regulatory burdens of operating under the laws of multiple states in exchange for supervision and regulation by a single agency under federal law.