OCC to accept applications from fintech companies

As if coordinated with the Treasury Department's Tuesday release of a report that encourages the Office of the Comptroller of the Currency to "further develop its special purpose national bank charter, previously announced in December 2016" [see the Top Story], the OCC has announced [News Release 2018-74] it will begin accepting applications for special purpose national bank charters from nondepository financial technology (fintech) companies engaged in the business of banking. The decision was documented in a policy statement and supplement to the OCC’s Comptroller's Licensing Manual, both published Tuesday.

Qualifying fintech companies also may apply for federal charters under the OCC’s authority to charter full-service national banks and other special purpose banks, such as trust banks, banker’s banks, and credit card banks.