Banking Law News

Bank Regulator Sees Action on Fintech Charters in Mid-2019

Oct. 17, 2018, 6:58 PM

The Office of the Comptroller of the Currency should be ready to approve or deny bank charters for fintech companies by the middle of next year, agency chief Joseph Otting said Oct. 17.

The regulator has been meeting fintech companies to discuss applications that would allow the firms to compete directly with traditional lenders, he said in remarks to the Exchequer Club in Washington.

The OCC gave a green light July 31 for technology firms to apply for special-purpose national charters. The application process will take time as fintechs try to get a feel for what will be expected of...

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