On July 31, 2018, the OCC announced that it had finalized parameters for its new limited-purpose financial technology national bank charter and is ready to begin taking applications. This release follows several years of formal deliberation on the topic and coincided with the release of a 222-page U.S. Treasury report on innovation. Industry reactions have been wide-ranging – will this level the playing field or usher in a FinTech “apocalypse“?
Highlights of the OCC notice include:
- Designation of the charter type as a national bank. Like its other special-purpose charters, including the non-depository trust company or the