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ARTICLE · 13 AUGUST 2018

Treasury And The OCC Make Significant Fintech Announcements

Morrison Foerster
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Two key federal government announcements were made on July 31, 2018 related to fintech issues. First, the U.S. Department of the Treasury ("Treasury") issued a press release...

United StatesTechnology
Obrea Poindexter
Obrea Poindexter
Oliver Ireland
Oliver Ireland
Jeremy Mandell
Jeremy Mandell
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Two key federal government announcements were made on July 31, 2018 related to fintech issues. First, the U.S. Department of the Treasury ("Treasury") issued a press release announcing a report entitled "Nonbank Financials, Fintech, and Innovation" (the "Report"). The Report is the fourth and final in a series of reports prepared by Treasury in response to President Trump's February 2017 Executive Order 13772 ("Executive Order"). In addition, the Office of the Comptroller of the Currency (OCC) announced that it would begin accepting applications for special purpose national bank charters from fintech companies that are engaged in the business of banking, but do not take deposits. This alert reviews these important developments.

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