News & Analysis as of

Special Purpose National Bank Charter Federal Deposit Insurance Corporation

Venable LLP

Georgia on the Mind: An Explainer for Payments Companies Considering the Merchant Acquirer Limited Purpose Bank Charter

Venable LLP on

In January 2024, one of the largest U.S. non-bank merchant acquirers announced that it is pursuing a special-purpose bank charter developed by Georgia. Although the “merchant acquirer limited purpose bank” (MALPB) has been a...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2021

Court Rules that Debt Collector Violated FDCPA with Communication to Dunning Vendor - A federal appellate court has recently ruled that a debt collector violated certain privacy requirements under the federal Fair Debt...more

Eversheds Sutherland (US) LLP

Noteworthy developments in payments and fintech - March 2021

Industrial bank charters continue to gain momentum with approval of Square’s charter; payments and tech companies have become interested in industrial banks lately since the FDIC started approving them after a moratorium from...more

Pillsbury Winthrop Shaw Pittman LLP

Financial Services Regulation in a Biden Administration: Personnel Is Policy

A closely divided Congress will limit financial services legislation but Biden appointees in key regulatory positions will have a large impact on the financial services policy agenda. The Biden administration is likely to...more

Nutter McClennen & Fish LLP

Fintech in Brief: Final Order Entered in New York State Challenge to OCC Fintech Charter

On October 21, 2019, Judge Victor Marrero of the U.S. District Court of the Southern District of New York issued a final decision and order in New York State’s challenge to the OCC’s statutory authority to grant special...more

Kilpatrick

Federal Reserve Reportedly Has Reservations About OCC and FDIC Fintech Initiatives

Kilpatrick on

Press reports indicate that the Federal Reserve has concerns and reservations about providing fintech companies with access to the banking system through bank charters. As we have previously reported, the OCC announced last...more

Clark Hill PLC

Innovation: Opening the Door for Regulatory Engagement

Clark Hill PLC on

Since Donald Trump took office the hot topic has been “deregulation”. However, contradicting this ideal are efforts by financial regulators to incorporate the use of financial technology by financial institutions and fintech...more

Kilpatrick

OCC Announces Preliminary Approval of Fintech Bank’s National Bank Charter

Kilpatrick on

Last fall, we reported that one fintech company – Varo Money, Inc. – a mobile banking startup helping customers solve financial problems, manage money and reach financial goals, applied to the Office of the Comptroller of the...more

Davis Wright Tremaine LLP

OCC Accepting Charter Applications from Fintech Companies

Earlier this summer the Office of the Comptroller of the Currency issued the anticipated announcement that fintech companies engaged in the business of banking may apply for special purpose national bank charters. ...more

A&O Shearman

US Office of the Comptroller of the Currency Begins Accepting National Bank Charters from FinTech Companies

A&O Shearman on

The U.S. Office of the Comptroller of the Currency announced that it would begin accepting national bank charter applications from non-depository FinTech companies that seek to engage in the business of banking. In...more

Stinson LLP

OCC Now Accepting Charter Applications for Fintech Companies

Stinson LLP on

On July 31, 2018 the Office of the Comptroller of the Currency (OCC) announced that, effective immediately, it is now accepting national bank charter applications from nondepository financial technology (fintech) companies...more

Goodwin

OCC Announces it Will Accept Applications for Fintech Charter; Treasury Department Releases Fintech Report

Goodwin on

The OCC announced on Tuesday, July 31, that it would begin accepting applications for special purpose national bank (SPNB) charters from FinTech companies engaged in the business of banking. The agency released a Policy...more

Stinson LLP

Critical Question: Inquiry and Analysis on Whether an Uninsured Nationally Chartered Fintech Bank Charter Can Export Interest...

Stinson LLP on

The Comptroller of the Currency (“OCC”) presented a White Paper in December 2016 on Exploring Special Purpose National Bank Charters for Fintech Companies (“White Paper”). Comptroller Tom Curry noted that he had asked the OCC...more

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