Vincent Basulto discusses Comptroller Otting's remarks about the OCC 's potential plans for fintech charters with Bloomberg BNA

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April 9, 2018

The Office of the Comptroller of the Currency (OCC) plans to have a position by early summer on proposed bank-like charters for online lenders and other fintech companies. The bank regulator will soon have a stance on special purpose national charters for fintechs after “slow-walking” the issue and trying to understand the risks and impacts to the financial services industry, said the Comptroller of the Currency, Joseph Otting.

RK&O partner Vincent Basulto told Bloomberg BNA that Joseph Otting has been "modestly supportive" of exploring a new fintech charter and thinks that the agency will want a more formalized analysis. "I'd be surprised if the OCC were definitively either to quash the charter idea or lay out a roadmap for a new charter." 

"Bank Regulator Readies Stance on National Fintech Charters" - Bloomberg BNA's Banking Daily (subscription required)