OCC’s Curry Discusses Financial Technology Innovation

On Monday, March 6th, the Comptroller of the Currency, Thomas J. Curry, discussed financial technology innovation during a large industry conference. According to the Office of the Comptroller (OCC), his remarks highlighted the potential for responsible innovation to expand financial inclusion and improve the delivery of banking products and services. During the speech, Curry also provided an update on initiatives by the OCC to support responsible innovation within the federal banking system.

Curry also defended the OCC's plans to offer a nonbank charter to fintech firms, disputing arguments by state regulators that his agency lacks the legal authority to do so and emphasizing that it will appropriately monitor any firms that go through the rigorous application process, according to American Banker.

"Some have questioned whether we have the authority to grant charters to such companies and the experience to supervise them," Curry said. "To be clear, the National Bank Act does give the OCC the legal authority to grant national bank charters to companies engaged in the business of banking."

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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