July 31, 2018 – The Office of the Comptroller of the Currency (OCC) today announced it will begin accepting applications for national bank charters from financial technology firms. FIN has supported the OCC’s two-year effort to foster a national approach to the regulation of financial services.
The following statement is attributed to Brian Peters, Executive Director of Financial Innovation Now:
“As outlined by Treasury earlier today, the regulatory landscape must adapt and grow along with changes in technology and customer preferences. The OCC’s decision to issue special purpose bank charters to financial technology companies is a recognition that the current regulatory environment must evolve. FIN appreciates the OCC’s affirmation of a national regulatory approach to technology, and while any one FIN member may not seek a special purpose charter, FIN nonetheless supports the OCC’s leadership and vision in driving this regulatory discussion. We look forward to working with the administration and Congress on multiple national regulatory paths to market.”
The OCC’s announcement today was accompanied by a policy statement clarifying its chartering authority and a supplement to the OCC’s licensing manual. The announcement followed Treasury’s release of an extensive report on the regulation of financial technology, which is available here.