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On July 31, 2018, the Office of the Comptroller of the Currency
(OCC) announced that it would begin accepting applications from
FinTech companies for special purpose national bank
charters. These new and controversial FinTech charters have
the potential to radically change how FinTech companies are
regulated and how these companies interact with traditional
banks.
Jeffrey Alberts, Co-Chair of Pryor Cashman's FinTech Group,
explains the characteristics of a FinTech charter and discusses
the advantages and disadvantages of applying for one.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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