OCC Seeks Comment on Fintech Charter Licensing Manual

On Wednesday, March 15th, the Office of the Comptroller of Currency (OCC) issued its draft licensing manual supplement for evaluating charter applications from fintech firms.

According to a press release from the OCC, the supplement explains how the OCC will apply the licensing standards and requirements in existing regulations and policies to fintech firms applying for special purpose national bank charters, and also details the unique factors that the agency will consider when scrutinizing a fintech firm.

The supplement builds upon nearly two years of work related to responsible innovation at the OCC, and is consistent with the guiding principles published in March 2016. The OCC typically does not solicit comments on procedural manuals and supplements; however, the agency will accept comments on this document through April 14, 2017.

SFIG previously submitted a response to the OCC's request for comment on "Exploring Special Purpose National Bank Charters for Fintech Companies." SFIG members are generally supportive of the proposal as greater fintech access to these special purpose charters could positively impact confidence in the secondary loan market and increase overall lending in the sector. If you would like to join SFIG's Marketplace Lending Committee, please contact Michael.Williams@sfindustry.org.

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