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New Office of the Comptroller of the Currency Fintech Regulation: Ensuring a Successful Special Purpose National Bank Charter Application

  • Alexa Philo
Chapter

Abstract

Financial technology (fintech) companies evaluating whether to apply for an OCC Special Purpose National Bank (SPNB) charter must consider a variety of factors. Among them are the regulatory and compliance requirements they will need to adhere to; the work involved in applying for the charter and transitioning to full conformance; the challenges (and opportunities) associated with competing against traditional banks; and the strategic and operational changes that may be required down the road to align with the OCC’s expectations on an ongoing basis.

Keywords

fintech fintech regulation OCC Capital planning/funding Enterprise risk management Liquidity/funds management Risk assessment Stress scenarios 

Literature

  1. Brear, D. (2015, July 20). What differentiates banking and fintech. Retrieved November 28, 2018, from The Financial Brand https://thefinancialbrand.com/53102/banks-fintech-start-up-comparison/.
  2. Lang, H. (2018, August 17). Fintechs have more work to do to prevent discrimination: Congressman. Retrieved November 28, 2018, from American Banker https://asreport.americanbanker.com/news/fintechs-have-more-work-to-do-to-prevent-discrimination-congressman?tag=00000159-ad66-d644-af5f-eff61aca0000.
  3. LendingClub Corporation. (2017, December 31). SEC 10-K filing. Retrieved November 28, 2018, from Securities and Exchange Commission https://ir.lendingclub.com/Cache/392292654.pdf?IID=4213397&FID=392292654&O=3&OSID=9.
  4. Office of the Comptroller of the Currency. (2018, July). Considering charter applications from financial technology companies. Retrieved November 28, 2018, from https://www.occ.treas.gov/publications/publications-by-type/licensing-manuals/file-pub-lm-considering-charter-applications-fintech.pdf.

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Alexa Philo
    • 1
  1. 1.BrooklynUSA

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