OCC Will Accept Fintech Charter Applications

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.”