OCC Will Accept Fintech Charter Applications

OCC Will Accept Fintech Charter Applications

July 31, 2018, Law360

Michael Nonaka is quoted in Law360 regarding the Office of the Comptroller of the Currency accepting applications for special-purpose national bank charters from financial technology companies. Mr. Nonaka says it will be a while before any fintech firms operate as national banks, and they may ultimately decide the special purpose charter does not suit their business model. But, he adds, “I think a lot of companies will take that next step and explore the charter with the OCC to get answers to some of their questions.”