Banking Law News

Fintech Lenders Could Get National Bank Charter By Early 2019 (1)

Nov. 7, 2018, 4:24 PMUpdated: Nov. 7, 2018, 5:27 PM

Fintech lenders are likely to be the first type of companies to receive a special national bank-like charter and blockchain companies that support securities or asset tracking could follow later as charter applicants, Comptroller of the Currency Joseph Otting said Nov. 7.

The Office of the Comptroller of the Currency expects to reveal the first applicant for a special purpose national bank charter in late 2018 or early 2019, Otting said at the D.C. Fintech Week conference hosted by Georgetown Law School. Multiple companies are already in discussion with the OCC about pursuing the “fintech charter.”

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