On Dec. 2, 2016, the Office of the Comptroller of the Currency (OCC) published a preliminary proposal to create a national bank charter for financial technology companies (fintech). The OCC’s rationale in support of the proposal was that such a charter could promote the safety and soundness of fintech institutions, bring greater legal and regulatory uniformity and consistency, and strengthen the federal banking system. Despite being a somewhat amorphous proposal and invitation for comment, the proposal drew prompt reaction for state financial regulators, highlighting some of the tensions inherent in any eventual OCC charter for fintech.

To learn more, please read the GT Alert, “OCC Consideration of Special Purpose Fintech Charters Draws Rapid Reaction for State Banking Regulators.”