Citation[]
Office of the Comptroller of the Currency, Exploring Special Purpose National Bank Charters for Fintech Companies (Dec. 7, 2016) (full-text).
Overview[]
The OCC published its long-awaited proposal for how it will address the growing calls for a national financial technology ("Fintech") charter. The paper has been eagerly awaited by online lenders and participants in marketplace lending platforms as a possible to enjoy the same preemption authority of national banks over various state licensing, usury and disclosure requirements. The OCC indicated that it believes its proposal would accommodate fair access to banking products and fair treatment of customers as well as Fintech Companies while preserving the safety and soundness of national banks.
Although the Fintech Charter could be used by any entity providing certain financial services, the proposal is of particular interest to consumer and commercial non-depository lenders or providers of technology to aid in the underwriting and origination of such obligations.
Rather than seek new legislation or rulemaking to advance the goal of the Fintech Charter, the OCC proposes to use its existing authority to charter "special purpose national banks."