Payments News

Fintech Firms Can Now Apply for National Bank Charters As the OCC Opens the Door

Jul 31, 2018

Financial technology firms, many of which command significant positions in the payments business, can now apply to become national banks. Moving on a proposal it’s had under consideration for months, the Office of the Comptroller of the Currency announced on Tuesday it will begin accepting bank-charter applications from fintech firms.

The Comptroller of the Currency, Joseph M. Otting, said the decision to let fintechs into the federal banking club has much to do with encouraging innovation in financial services and expanding opportunity for businesses and consumers.

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