Special Purpose National Bank Charter Proposal for Fintech Companies


On December 2, 2016, the Office of the Comptroller of the Currency (OCC) announced its intention to proceed with its preliminary proposal (Proposal) to offer special-purpose national bank charters (known also as Fintech Charters) to non-bank financial technology (Fintech) companies. On July 31, 2018, the OCC stated that it will begin accepting applications for the special-purpose national bank charter and issued a policy statement (Fintech Policy Statement) outlining the standards and expectations for a successful application. On this same date, the OCC also released its licensing manual supplement (Fintech Manual) that discusses the evaluation framework for Fintech Charter applications.