Fintechs Now Can Apply for National Bank Charters: Update—Has the Train Stalled?

Further definition is available, but potential roadblocks await.

The U.S. Office of the Comptroller of the Currency has doubled down on its intent to grant special purpose national bank charters to financial technology companies (fintechs). However, it is unknown if and how new OCC leadership will interpret the initiative. Meanwhile, state regulators have introduced a lawsuit to prevent implementation.

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Related Concerns

If you find this piece of interest and would like to explore this issue further, possible proprietary project work could be done to examine questions like these:

  • How might your firm be affected by emerging faster payments systems in the U.S.?

  • Which fintech companies or related technologies present a foreseeable threat to your bank’s commercial payments business lines?

  • What lessons can you learn from the European Union’s “challenger bank” experience?

  • If you are a fintech firm, what competitive and regulatory hurdles will the new U.S. model present to you?

Let Mercator Advisory Group help your company become better positioned in the market.

 

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