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
Initially introduced by Obama-legacy...