Chartering Fintechs as Special Purpose National Banks (Strafford)

13 November 2018

Location:

via Webinar
via Webinar

The webinar will examine new application procedures and criteria recently released by the Office of the Comptroller of the Currency (OCC) for a fintech company to obtain a special purpose bank charter. The panel will discuss the differences and similarities between a special and traditional bank charter, and other federal and state regulations that must be considered.

Listen as our authoritative panel discusses the new OCC policies and procedures for special purpose national bank charters, and the regulatory pros and cons of pursuing a charter. The panel will also discuss the impact on current state laws, and state initiatives to contest the new federal regulatory approach.

  • OCC announcement on special purpose bank charters - Treasury Department endorsement of new policies
  • New supplement to Comptroller's Licensing Manual
  • Application Procedures
  • Criteria for acceptance - three-year business plan
  • Subsequent reporting, oversight
  • Other regulations to consider - securities, bank holding company

The panel will review these and other high priority issues:

  • What is the significance of the special purpose national bank charter for fintech companies?
  • How does the application process for special purpose national banks vary from depository institutions under the revised Licensing Manual?
  • What attributes will the OCC look for in a fintech company when evaluating a charter application?
  • What other laws and regulations should concern a fintech company when applying for a special purpose charter? 
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