Posted March 15, 2017
On March 15, 2017, the Office of the Comptroller of the Currency (OCC) took one additional step closer to allowing fintech companies the opportunity to apply for a special purpose national bank charter. The agency released a draft licensing manual supplement that explains how the OCC will apply the licensing standards in existing regulations to fintech companies that seek a charter through the process. It also describes some of the factors the agency will consider in the application process and lays out the agency’s approach to ongoing supervision. The OCC will accept comments on the supplement through April 14.