Regulatory Alert | December 2016 | KPMG | US

Regulatory Alert | December 2016

Regulatory Alert | December 2016

OCC Seeks Comment on a Possible FinTech Charter

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Comptroller of the Currency Thomas Curry announced on December 2, 2016 that the Office of the Comptroller of the Currency (OCC) has decided to proceed with offering a special purpose national bank charter for innovative financial technology (FinTech) companies. The charter would be available to companies that conduct at least one of three bank-permissible activities: i) receive deposits, ii) pay checks, or iii) lend money, subject to the agency’s standard chartering process.

An OCC paper outlining the issues that the agency will consider in granting such charters was released the same day. The agency is seeking comment on all aspects of the paper as well as on certain specific questions that will be used to inform a formal agency policy for evaluating applications for “FinTech charters.” Comptroller Curry stated the policy would ensure that approvals consider “safety and soundness, financial inclusion, consumer protection, community reinvestment, and corporate responsibility.” The comment period will close on January 15, 2017.

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