U.S. Comptroller of the Currency Will Offer Limited Purpose National Bank Charters to Fintech Companies

December 07, 2016

The Comptroller of the Currency, Thomas Curry, announced on December 2, 2016, that the Office of the Comptroller of the Currency (OCC) intends to move forward with issuing limited purpose national bank charters to financial technology (Fintech) companies under certain conditions. The modern-day history of limited charters has included a variety of bank chartering policies that have led to the creation of (among others) trust banks, non-bank banks, credit card banks and industrial loan companies. Fintech companies should evaluate the benefits and costs associated with pursuing and maintaining a national bank charter once the terms of engagement are articulated by the OCC.

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