On December 2, 2016, Comptroller of the Currency Thomas Curry confirmed that the agency will begin considering applications from FinTech companies to become special purpose national banks, saying that the OCC will charter “financial technology companies that offer bank products and services and meet our high standards and chartering requirements.” The OCC simultaneously released a white paper (White Paper) on issues associated with, and conditions for, extending national bank charters to FinTech companies. The announcement is the culmination of a number of developments at the OCC over the past several months, including issuance of a March 2016 white paper setting forth a preliminary framework for “responsible innovation” and October 2016 recommendations for implementing the framework.

In his remarks, Comptroller Curry articulated three reasons why the OCC is moving forward on special purpose FinTech charters. Specifically, Comptroller Curry said the OCC believes that: “doing so is in the public interest”; companies that “offer banking products and services should have the choice to become national banks if they wish to do so,” noting that “[m]erely making a charter available, does not create a requirement to seek one”; and that “having a clear process, criteria, and standards for fintechs to become national banks ensures regulators and companies openly vet risks and that the institutions that receive charters have a reasonable chance of success, appropriate risk management, effective consumer protection, and strong capital and liquidity.”