Debevoise & Plimpton Discusses a Turning Point for FinTech

On July 31, 2018 the Office of the Comptroller of the Currency (“OCC”) announced it will begin accepting applications from non-depository FinTech companies for a special purpose national bank charter. [1] This announcement caps a years-long and much anticipated initiative by the agency to make federal banking charters available to FinTech firms (see our prior analysis, here and here describing previous developments).

The OCC’s action came on the same day that the Treasury Department released the fourth report (the “Report”) mandated by Executive Order 13772, setting forth the Trump administration’s “core principles” for regulating the U.S. financial system.[2]  The … Read more