ETA Submits Comments to OCC Regarding FinTech Charters

The Electronic Transactions Association (ETA) today submitted comments to the Office of the Comptroller of the Currency (OCC) regarding their recent white paper exploring chartering non-bank FinTech companies.

Key points include:

• ETA supports the OCC’s recent announcement that it will consider applications for special purpose national bank charters from FinTech companies and recommends that the OCC adopt a flexible and collaborative approach to the design of a charter application and evaluation process that works for FinTech applicants while satisfying the OCC’s regulatory expectations.
• ETA believes that the OCC should take a case-by-case approach when reviewing applications to account for the differences between traditional banks and FinTech companies, as well as the variation in business models within the FinTech community.
• ETA urges the OCC to work closely with other regulators to ensure a smooth application process for potential FinTech-chartered banks.

You can access the full comments here.