The Office of the Comptroller of the Currency (OCC) will consider applications from financial technology companies to become special purpose national banks, Comptroller of the Currency Thomas J. Curry recently announced.
Proponents of chartering fintechs champion the concept of subjecting them to the same types of regulations traditional banks must adhere to and see the issuing of such charters as a way to strengthen the federal banking system.
Read on to learn more about the OCC’s reasons for wanting to charter fintechs and the process interested fintechs will have to go through.