{"id":271899,"date":"2016-12-02T12:10:00","date_gmt":"2016-12-02T17:10:00","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/uncategorized\/u-s-regulators-to-consider-fintech-firms-special-banking-applications\/"},"modified":"2017-12-19T12:14:09","modified_gmt":"2017-12-19T17:14:09","slug":"u-s-regulators-to-consider-fintech-firms-special-banking-applications","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/from-the-regulators\/u-s-regulators-to-consider-fintech-firms-special-banking-applications\/","title":{"rendered":"U.S. regulators to consider fintech firms\u2019 special banking applications"},"content":{"rendered":"<p> The U.S. Office of the Comptroller of the Currency (OCC) is set to begin considering applications from fintech firms to become chartered as special purpose national banks.<\/p>\n<p> Fintech firms that are granted these charters would have to adhere to standards of safety and soundness as well as fair access. However, the OCC may not subject them to other laws, such as laws governing insured deposits, based on the particular business model of the firm.<\/p>\n<p> Speaking at the Georgetown University Law Center, comptroller of the currency, Thomas Curry, set out the OCC&#8217;s reasons for considering special purpose national charters for fintechs.<\/p>\n<p> &#8220;First and foremost, we believe doing so is in the public interest,&#8221; Curry said. &#8220;It is clear that fintech companies hold great potential to expand financial inclusion, empower consumers, and help families and businesses take more control of their financial matters.&#8221;<\/p>\n<p> Curry also explained that by considering fintech charter applications, it will provide businesses a choice without creating a requirement to seek a charter.<\/p>\n<p> At the same time, the OCC published a paper discussing the issues and conditions that the agency will consider in granting special purpose national bank charters. Comments on the paper are due by Jan. 15, 2017. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fintech firms that are granted these charters from the OCC would have to adhere to standards of safety and soundness as well as fair access<\/p>\n","protected":false},"author":38954,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2324],"tags":[2465],"yst_prominent_words":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/271899"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/38954"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=271899"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/271899\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=271899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=271899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=271899"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=271899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}