A Turning Point for FinTech? OCC and Treasury Signal Commitment to Financial Innovation
View Debevoise Update
Key takeaways:
- July 31, 2018 saw two major FinTech-related developments: the Treasury Department called for sweeping regulatory changes to encourage financial innovation and the OCC released its long-awaited policy allowing FinTech companies a path to receiving special purpose national bank charters.
- Together, these developments suggest that recent growth in the FinTech sector is likely to continue, and even accelerate, in the coming months and years.
- The regulatory regime that the OCC has offered to FinTech firms provides both opportunities and challenges. At a minimum, firms should consider whether a special purpose national bank charter makes sense as part of their business plan and strategic priorities.