Financial technology companies are now one step closer to having the means to apply for special purpose national bank charters.
The Office of the Comptroller of the Currency on Wednesday published a draft supplement to its licensing manual, which contains existing regulations for chartering national banks.
The draft rules, which are open for comment through April 14, give guidance on how fintech companies are expected to apply for national charters and makes it clear they are subject to all the same laws and regulations as traditional financial institutions, plus additional requirements.
“This manual reflects the approach we’ve seen from the OCC all along, and it’s clear that this is not a ‘bank-lite’ charter,” said American Bankers Association Vice President Rob Morgan in a statement Wednesday.
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