OCC must continue to push for fintech charter

Author: John Crabb | Published: 21 Nov 2017

The Office of the Comptroller of the Currency (OCC) should continue to extend its charter process to fintech companies in the US, despite changes in leadership and court challenges at state level, in order to adapt to the constantly changing delivery mechanisms in the banking sector.

Whether this process occurs as a special purpose fintech charter or an extension of the existing system, sources suggest that the current multi-state licensing procedure is more of a hindrance than a help to both consumers and providers.  Some believe that blanket regulation over the sector may provide more robust assurances.

Last week, Joseph Otting was confirmed as President Trump’s nomination to head the OCC, which regulates the banking system. As a former banking executive with an extensive Wall Street resume, it is not clear if Otting, or the OCC will continue to push for a fintech charter.

Initially introduced by Obama-legacy...