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OCC fintech charter approved

The OCC granted preliminary conditional approval on April 23 to an application to charter Paxos National Trust (Paxos) as an uninsured national trust bank. Paxos, which currently operates as a New York state-charted limited liability trust company regulated by the New York Department of Financial Services and has indicated in public statements that it intends to maintain both federal and state. On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., a wholly-owned subsidiary of fintech Varo Money, Inc. The approved application is for a full-service charter, not the OCC's controversial FinTech charter that is currently the subject of ongoing litigation 0:00 / 5:16. SpeechKit. The Office of the Comptroller of the Currency (OCC) will start processing Fintech applications to become federally chartered firms as soon as this week, according to a.. The Office of the Comptroller of the Currency (OCC) granted preliminary approval for a national bank charter for SoFi, the company announced Wednesday. This marks one of the final steps in the chartering process for the company, which in July filed an application with the OCC as SoFi Bank, National Association Notably, there have been no applications by companies seeking to apply for the fintech charter, so the OCC has never approved a fintech charter. Thus, Judge Gerard Lynch asked Why is that a case or controversy if there's no clear indication that they ever will

Under the two acting comptrollers preceding Hsu, Brian Brooks and Blake Paulson, the OCC issued conditional approvals for national trust charters for three crypto firms: Paxos, Anchorage and Protego. National trust charters do not carry the requirement of deposit insurance, resulting in a smaller regulatory burden Chartering the FinTech Future Charles W. Calomiris * December 2020 * Chief Economist and Senior Deputy Comptroller for Economics, Office of the Comptroller of the Currency (OCC). This paper was prepared for presentation at the Cato Institute's 38th Annual Monetary Economics Conference, November 19, 2020, and is forthcoming in the Cato Journal This Supplement to the Comptroller's Licensing Manual provides detail on how the OCC would evaluate applications for a special purpose national bank charter from fintech companies and clarifies the OCC's expectations that companies with a fintech business model demonstrate a commitment to financial inclusion

2020 Annual Report & Comptroller's Viewpoint | OCCAfter Years of Debate, Avant May be the First to Receive

OCC Conditionally Approves Trust Company Charter for

OCC Conditionally Approves Conversion of Anchorage Digital Bank. WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced conditional approval of the conversion of Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. The OCC granted a national trust bank. While the OCC has appealed this 2019 decision, the ruling's nationwide prohibition on the fintech charter may effectively prevent the adoption of the proposed national charter for payments companies. Additional judicial scrutiny also can be expected OCC Charter Applications] (explaining the specific type of fintech companies for which the SPNB charter will be available). 14 OCC Conditional Approval Letter, supra note 4, at 1 To date, the OCC's fintech charter, proposed in 2016 and finalized in 2018, and opposed multiple times in court, has yet to produce one actual institution. Alt doesn't think it ever will. But she says this often controversial concept served the purpose of putting charters for nontraditional players on the table

Fintech bank announces preliminary OCC approval of national bank charter. By Alan S. Kaplinskyon September 5, 2018. Posted in Fintech, OCC, Regulatory and Enforcement. In a press release, the organizers of Varo Bank, N.A. announced they have been granted preliminary approval by the OCC of their application to form a de novo national bank, which. Now, some say it could be at least a year before a fintech is approved for an OCC specialty charter. And the first applicant is not likely to be a major player that already has a national presence. As to the concerns from large fintechs about disrupting their relationship with state regulators by pursuing the OCC's charter, Otting said, That's not what we've heard It said an approval would fly in the face of a recent order from the US District Court for the Southern District of New York, which ruled in 2019 that the OCC had no authority to issue so-called fintech charters to non-banks. That decision is currently under appeal before the Second Circuit, which heard oral arguments last month

The announcement marks a historic moment for fintech companies, as Varo will become the first fintech company to obtain a national bank charter with the OCC. A national banking charter has a strong appeal to fintech companies. With a charter, a fintech can lower its funding costs, gain access to Federal Reserve payments systems, and operate more uniformly on a nationwide basis with federal preemption of many state laws, including state licensing requirements The Office of the Comptroller of the Currency (OCC) granted crypto-focused Protego Trust Company, a Washington state trust company, conditional approval to convert to a national trust bank earlier this month, marking only the second time that a federal bank charter has been approved for a crypto firm - and the first since the January departure of Brian Brooks, the crypto-friendly. Introducing the OCC's Fintech Charter The OCC's Policy Statement on Financial Technology Companies' Eligibility to Apply for National Bank Charters states that the agency will consider applications for special purpose national bank charters from financial technology (fintech) companies that are engaged in the business of banking but do not take deposits The Conference of State Bank Supervisors yesterday filed a complaint in the U.S. District Court for the District of Columbia challenging the OCC's creation of a new special-purpose national bank charter for nonbank companies and the impending charter approval of fintech Figure Technologies. The complaint is an extension of a 2017 lawsuit initiated.

The OCC has conditionally approved Paxos National Trust for a banking charter. New York fintech Paxos National Trust is the latest non-traditional bank to be conditionally approved for a banking charter by the Office of the Comptroller of the Currency (OCC) The OCC Fintech Charter was first anticipated in 2016. At the end of that year, the OCC introduced the proposed chartering process and opened up a consultation to garner feedback If a company pursues a FinTech national bank charter through the OCC (also known as the FinTech charter), is there relief from state usury and other state banking laws and regulations? Companies that are approved for a FinTech charter will have relief from individual state usury laws—a single regulator versus multiple individual state licenses and regulators is a clear benefit for companies with national operations OCC payments charter proposal raises questions about what is a bank Opponents say the new setup would fragment the supervisory system for banks; proponents say it'll do just the opposit

LONDON (R) - Financial technology company Social Finance Inc has received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) over its application.. OCC Appeals Fintech Charter Ruling to Second Circuit By Brendan Duffy on January 9, 2020 Posted in Consumer, Fintech, Litigation, Regulatory Compliance. On December 19, 2019, only depository institutions are eligible to receive national bank charters from the OCC.. The OCC first proposed the charter in 2015 as a possible avenue for fintech firms to access the nationwide financial system without having be licensed in all 50 states. The move was opposed by the Conference of State Bank Supervisors and the New York State Department of Financial Services, both of which filed lawsuits claiming the agency lacked the power to create a federal charter for nonbanks That followed on from the OCC accepting applications for national bank charters from non-depository fintech firms. Back in April 2018, John W. Ryan, CSBS president and CEO, said: The OCC's action is an unprecedented, unlawful expansion of the chartering authority given to it by Congress for national banks

State Issues CSBS OCC Fintech National Bank Act Courts Preemption NYDFS Fintech Charter. On December 22, the Conference of State Bank Supervisors (CSBS) filed a complaint in the U.S. District Court for the District of Columbia opposing the OCC's impending approval of a national bank charter for a financial services provider (company), arguing that the OCC is exceeding its chartering authority Even though the fintech charter has been in flux for several years, fintech companies continue to seek federal regulatory approval even within the existing framework. For instance, Varo Money obtained a full-service banking charter from the OCC in July 2020. Other fintechs recently submitted their application to the OCC for the same VIRTUAL CURRENCY/FINTECH UPDATE: OCC APPROVES ANCHORAGE TRUST'S CHARTER CONVERSION AND EXPANDS T HE GENERAL FIDUCIARY POWERS OF NATIONAL BANKS. To Our Clients and Friends: On January 13, 2021, the Office of the Comptroller of the Currency (OCC) conditionally approved the charter conversion application for Anchorage Trust Company. The Office of the Comptroller of the Currency (OCC) granted crypto-focused Protego Trust Company, a Washington state trust company, conditional approval to convert to a national trust bank earlier this month, marking only the second time that a federal bank charter has been approved for a crypto firm - and the first since the January departure of Brian Brooks, the crypto-friendly.

On January 13, 2021, the Office of the Comptroller of the Currency (OCC) conditionally approved the charter conversion application for Anchorage Trust Company (Anchorage), permitting Anchorage to become a national trust bank. 1 This is the first approval by the OCC of a virtual currency firm's becoming a federally regulated banking institution and demonstrates the ongoing leadership that. OCC's preliminary approval of a bank charter for a fintech company that has critics worried about it is skirting the rules Fintech special purpose charter applicants. In July 2018, the US Treasury Department issued a report 1 signaling a new regulatory approach for nonbank financial technology (fintech) organizations.. Simultaneously, the Office of the Comptroller of the Currency (OCC) announced 2 that it is accepting special purpose charter applications for fintechs considering an entry into the banking.

Varo Is First FinTech to Receive Full-Service Charter from

OCC to Start Processing Charter Applications from Fintechs

The judge also ruled against the OCC on its procedural claims that the court lacked subject-matter jurisdiction, rejecting arguments that the DFS has not suffered an injury-in-fact; that the DFS's claims are not ripe because the OCC has not accepted, reviewed or approved any FinTech charters; and that the DFS's challenge is time-barred Seattle-based Protego Trust Bank has received conditional approval for a trust charter from the Office of the Comptroller of the Currency (OCC) to custody digital assets

In late 2016, the Office of the Comptroller of the Currency (OCC), the federal regulator that charters and supervises national banks and federal savings associations, issued a report (Fintech Whitepaper), outlining the agency's exploration of a possible special purpose national bank charter for fintech companies (fintech charter). 3 The OCC recognized that the need to obtain multiple state. Following the OCC's initial proposal to issue fintech charters in 2017, two lawsuits were filed challenging the OCC's authority to do so—one by the Conference of State Bank Supervisors and one by the New York State Department of Financial Services. Both were dismissed, because the OCC had yet to reach a final decision

With preliminary approval for SoFi bank charter, OCC

In a surprising move, U.S. regulators have approved a new charter allowing fintechs to become full fledged banking providers. The Treasury Department and the Office of the Comptroller of the Currency (OCC) have approved a controversial national fintech charter proposal UPDATE: April 27, 2021: The Office of the Comptroller of the Currency said Friday it has given preliminary conditional approval to Paxos's application for a national trust charter. Paxos becomes at least the third cryptocurrency company to receive such approval. But, in contrast to Anchorage and Protego Trust Co., which are converting their state trust charters to national ones, Paxos will. Instead of keeping emerging FinTech companies and their products outside of regulatory vigilance, granting license and bank charter approvals provides the ability for monitoring. The new director of the OCC believes this open vision is ultimately what's best for oversight and consumer protection in the industry, not only with banking but towards cryptocurrency being in custody of banks Digital Banking Startup Makes History and Changes Course of Banking as First Fintech to Receive Preliminary Approval for a National Bank Charter from the OCC. SAN FRANCISCO - The organizers of Varo Bank, N.A. today announced they have been granted preliminary approval by the Office of the Comptroller of the Currency (OCC) of their application to form a de novo national bank, putting Varo on. Other fintechs recently submitted their application to the OCC for the same. While the OCC's fintech charter would open the door to streamlined regulatory scheme under the OCC for non-depository.

Oral Arguments Held in Challenge to OCC's Fintech Charter

Senate Democrat calls on OCC to halt crypto charter approval

The OCC started accepting applications for its fintech charter in August 2018, but we haven't seen any company obtain a license since then or even apply for one Fintech firm SoFi has plans on becoming a bank, filing a national bank charter application with the Office of the Comptroller of the Currency (OCC). Second time's the charm for SoFi and banking According to Business Insider , SoFi company CEO, Anthony Noto, wrote an email to staff outlining the plans OCC publishes fintech whitepaper exploring the potential for a Fintech charter. March 15, 2017 OCC publishes draft licensing procedures describing application requirements for a Fintech charter New regulation proposed by the US OCC could give bitcoin exchanges and other fintech companies the ability to apply for a new charter

The problem comes with the OCC, particularly under the leadership of Brooks. The OCC had established a Special Purpose Payments charter dedicated to Fintechs, doing so in 2020 The OCC's announcement that it will begin accepting applications for nondeposit fintech charters is an important and welcome development, especially in light of the Treasury's explicit support for the nondeposit fintech charter and responsible innovation. The OCC described the fintech charter as allowing fintech companies to acquire or obtain a special purpose national bank (SPNB) charter. SoFi received preliminary approval from the OCC for a national bank charter—but it still needs to be reviewed by the FDIC and Federal Reserve

Comptroller's Licensing Manual Supplement - OC

  1. In the white paper, the OCC explains that if a law does not apply directly to a Fintech company, the OCC may, nonetheless, work with the company to achieve the goals of a particular law through the OCC's authority to impose conditions on its approval of a charter
  2. OCC countered that NYDFS's complaint was not ripe for adjudication, and the state agency had no standing because OCC had not yet accepted, much less approved, any applications. OCC also argued that the term business of banking was ambiguous, so the agency's interpretation was entitled to deference by the court
  3. On February 7, all-mobile banking services startup Varo Money, Inc. received the FDIC's approval of its federal deposit insurance application for Varo Bank, N.A. (in formation). The FDIC's approval positions Varo to become the first fintech to obtain a full-service, FDIC-insured national bank charter
  4. Introduction Fintech charters Regulatory expectations State opposition and likely legal challenges Comment. Introduction. On 31 July 2018 the Office of the Comptroller of the Currency (OCC) announced - to much anticipation - that it will begin accepting applications from fintech companies for special-purpose national bank charters (commonly referred to as 'fintech charters')
  5. Judge Rules OCC Unable to Issue Fintech Charters (Lend Academy), Rated: AAA Yesterday, a federal judge ruled that the OCC does not have the legal authority to issue bank charters to non-banks. Judge Victor Marrero ruled on the fact that a clause in the National Bank Act's business of banking requires that only firms which take deposits can receive a national bank charter
  6. The OCC has been at the forefront of fintech policy issues, particularly under former acting Comptroller Brian Brooks, who was previously chief legal officer at Coinbase Inc. Brooks opened up new avenues for banks to offer certain cryptocurrency services and conditionally approved a national trust bank charter for a crypto-focused bank
  7. While the fintech charter introduced in 2015 focused on a bank charter for marketplace lenders, the payments charter would represent a species of non-depository companies that probably qualify for a bank charter just as surely as the non-depository lenders do, Brooks said during a recent Banking with Interest podcast interview with Rob Blackwell, chief content officer of Promontory.

In this issue: • Crypto-Focused Bank Approved in Wyoming, Initiatives Advance in Foreign Markets • US HHS Implements Blockchain; Clothing, Food and Shipping Platforms Expand • NY Challenges OCC Fintech Charter in 2nd Circuit, Fintech Report Covers First Half of 2020 • ICO Issuer Charged With Fraud in US, Chinese Police Arrest 27 for PlusToken Frau 4 OCC Takes Aim at State Regulators' Fintech Charter Challenge, Law360, (April 29, 2021). Available at: OCC's approval of their charters guarantees their business model is as safe, stable and dependable for customers as a local community bank. The fact is,. FinTech Charter does not permit access to FDIC-insured deposits. By the same token, the FRB has noted that should a FinTech Charter be approved by the OCC, the FRB would need to scrutinize carefully whether to provide the company with direct access to the payment system and the emergency discount window borrowing privileges. These capabilities. The OCC's charter creates a new class of institutions that benefits large, established fintech firms and harms the very innovation and choice that U.S. Treasury Secretary Steven Mnuchin and the Comptroller of the Currency Joseph Otting say it would provide Approval of Figure Technologies Inc. Application Would Exceed OCC's Chartering Authority . Washington, D.C. - The Conference of State Bank Supervisors (CSBS) announced today it has filed a complaint in the U.S. District Court for the District of Columbia opposing the Office of the Comptroller of the Currency's (OCC) creation of a new national bank charter for nonbank companies and its.

OCC Conditionally Approves Conversion of Anchorage Digital

  1. The OCC has clearly recognized the significant positive impact FinTech companies are having on our economy. Whether through a new national charter, bank partnership, or state law portability, clear, consistent standards are essential, and we look forward to working with the OCC and other federal and state regulators on these important issues
  2. The Office of the Comptroller of the Currency (OCC) issued a conditional approval last week for Anchorage Digital Bank to become the first federally-chartered crypto bank.. In its news release, the OCC emphasized that the Anchorage approval demonstrates that the national bank charters provided under the National Bank Act are broad and flexible enough to accommodate evolving approaches to.
  3. g change that could affect the environment in which fintechs will operate going forward. The U.S. Department of the Treasury released a report on July 31 identifying improvements to the regulatory landscape that will better support nonbank financial institutions, among other goals

Fintech in Brief: Acting OCC Comptroller Announces Plans

OCC Evaluation of Fintech SPNB Charter Applications The Supplement walks through the chartering standards the OCC will apply and explains that the OCC is guided by certain principles when evaluating an application to establish any national bank. 24F 25 To determine whether these standards are met, the OCC will consider, among other things. Shortly after, the OCC conditionally approved a charter for Anchorage Digital Bank and Protego Trust Bank—neither of which would have been eligible for such a charter without the interpretive letter. Fintech Nonbanks OCC. Share. Twitter Facebook Google+ Pinterest LinkedIn Tumblr Email. Related Posts. May 27, 2021 The digital banking service Varo Money announced last night it had received preliminary approval for a national banking charter from the Office of the Comptroller of the Currency, a division of the U.S. Treasury Department. As Bank Innovation previously reported, Varo raised $45 million for this purpose in January. Square CEO Jack Dorsey said his company was still [ Is the OCC backing away from its proposal to establish a special purpose national bank charter for fintechs? One new report suggests that may be the case, based on recent comments from Keith Noreika, acting Comptroller of the Currency

An OCC Insider's Perspective on Fintechs and Bank Charter

We've been following the OCC Fintech Charter since it was first formally proposed in December 2016. Since then it has been slow going and with no application granted. If successful the charter would have allowed a fintech to be able to operate nationally without having to go the route of state licensing. For background, here [ a charter must provide the OCC with an overview of the charter proposal that includes the relevant market, any unique legal or policy aspects raised, and a draft business plan. ¥ Filing - The Þling procedures for a FinTech company seeking a charter are essentially the same as for any other special purpose national bank or any other national bank Special Alert: OCC issues highly-anticipated guidance for evaluating charter applications from fintech companies On March 15, 2017, the Office of the Comptroller of the Currency (OCC) issued further guidance regarding how it will evaluate applications by fintech companies to become Special Purpose National Banks (SPNBs)

2020 is a breakthrough year for regulation in FinTech & Banking. From charter approval to specialized license, the industry leaped forward Fintechs have limited options for acting as fully functional banks in the country: Varo Money is the only fintech to have received preliminary approval for a national bank charter

Fintech bank announces preliminary OCC approval of

Notwithstanding objections from both parties of the US Congress and state banking regulators, the Office of the Comptroller of the Currency (OCC) is moving forward with its proposal to accept applications from financial technology companies for a special purpose national bank charter (FinTech Charter) and has issued draft guidelines (FinTech Charter Guide) for its evaluation of FinTech Charter. However, the OCC charter isn't the only choice. Fintechs could also explore the Federal Deposit Insurance Corporation's (FDIC) Industrial Loan Company (ILC) charter. Here are some differences. The primary benefit of the OCC limited charter is that it provides the Fintech with a single regulatory framework for executing their business plan. The OCC published information on the conditional approval on April 23, 2021, showing authorization of the company's application to charter the Paxos National Trust On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the Office of the Comptroller of the Currency (OCC) would move forward with issuing special purpose national bank charters to financial technology (fintech) companies. The OCC released a whitepaper outlining its authority to issue charters to fintech companies, its approach to supervising [

Google and PayPal explored OCC's fintech charter, then

Like other OCC banks, approved FinTech limited purpose banks will be subject to ongoing OCC examination and rulemaking pronouncements. We will see if the culmination of the OCC's focus on a FinTech charter will be matched with anything like the level of interest that lead up to it, including challenges to OCC's legal authority to issue this type of charter OCC's attempts to create a non-depository fintech or payments charter respond to the desires of the fintech industry but go too far by creating a bank that is not a bank. It is likely that the Second Circuit will uphold the district court's reasoning that receiving deposits is a fundamental national bank activity and that OCC cannot create non-depository fintech-charter national. Fintech startup SoFi gets This preliminary conditional approval from the OCC is a testament to Earlier this year the FDIC approved a banking charter for Square Inc SQ.N the payments. On Friday December 2 nd, the Officer of the Comptroller of the Currency (OCC) announced that it would consider granting financial technology (fintech) firms special purpose national bank charters. The OCC's proposal constitutes a major development for fintech companies and the financial services industry more generally

Many fintech companies were holding out hope for the OCC Fintech Charter, but this potential opportunity was shut down by a federal judge in 2019. One of the options that remain is a national bank charter, though it comes with its own set of challenges. In July 2017 it was reported that Varo was pursuing a National Charter The CSBS sued the OCC in an effort to block the agency from creating a new special-purpose fintech charter, under its Special Purpose National Bank charter authority. The CSBS is seeking court action based on the OCC's announcement in July 2018 that it is accepting applications for the new bank charter for fintechs as well as the OCC's publication of a Licensing Manual Supplement On July 31, the Office of the Comptroller of the Currency (OCC) announced that it will begin accepting applications for limited-purpose national bank charters formed to provide nondepository financial technology, or fintech, bank products and services. The federal charter will largely allow fintech businesses to operate nationwide under a single set of national standards, without [ The OCC is currently in the swings of introducing another special purpose national bank charter. It would give payment companies a nationwide licence for money and payment services. This letter is the second sent from the lobbying group. The first landed the same month as the OCC's charter preview

Because the OCC's regulations define the business of banking to include any of the three core banking functions of taking deposits,[8] paying checks or lending money, the OCC concludes that it has authority to grant a national bank charter to a fintech company that engages in one or more of those core banking activities.[9] The Policy Statement also provides an overview of the. Second, it would provide helpful and necessary regulatory scrutiny. The creation of national standards and safeguards - at the heart of the OCC's approach - is a necessity as fintech companies continue to proliferate and reshape the industry. Those receiving a charter would get regulatory scrutiny to ensure they meet OCC standards The OCC revealed data on the conditional approval on April 23, 2021, exhibiting authorization of the corporate's utility to constitution the Paxos Nationwide Belief. The OCC granted a nationwide belief financial institution constitution to Paxos after [a] thorough evaluate of the corporate and its present operations, the OCC's press launch notes Established banks fought back when the OCC developed a national license for banking startups, and a federal judge ultimately blocked the fintech charter. While the FDIC approved a dozen or so.

Varo Disrupts Status Quo as First Fintech with National

We believe that a payments-focused charter introduces serious unintended consequences. When the OCC proposed its lending-focused Special Purpose National Bank fintech charter in 2016, many of the undersigned trades commented on the importance of existing rules and oversight being applied consistent with those for any national bank The OCC's present Stance on a Fintech Charter - a Work in Progress. Mr. Noreika stated today that If, and it is still an if, a fintech company has ambitions to engage in business on a national scale and meets the criteria for doing so, it should be free to seek a national bank charter

Covington advising as OCC approves Paxos charte

OCC-chartered banks only must apply the interest-rate rules of their home state, avoiding usury caps in other states. By applying for the OCC charter, the federal preemption does give fintechs more certainty, said Crystal Sumner, head of legal and compliance at Blend, a digital mortgage technology vendor SAN FRANCISCO, July 31, 2020 - Varo Money, Inc. today announced it has been granted its national bank charter from the Office of the Comptroller of the Currency (OCC) and secured regulatory approvals from the FDIC and Federal Reserve to open Varo Bank, N.A As noted by the OCC Chief Counsel Amy Friend, the first charter may be granted in the first half of 2017. General Requirements Under the proposed rule, for a company to qualify for a fintech charter, it must have the appropriate corporate structure, engage solely in bank-permissible activities and adhere to certain regulatory requirements

Joseph Otting Has a Lot on His Plate as the New Comptroller

Mobile Banking Startup Varo Money Becomes First Fintech

December, the OCC is proposing to apply many conventional requirements for new banks to the fintech charter. While the OCC's approach is familiar to those of us well versed on the formation of new banks, there are a few interesting items of note to take away from the draft supplement The OCC moved to dismiss the lawsuit, arguing that the challenge was still premature because the OCC had not received or approved any fintech charter applications. In Thursday's order, U.S. District Court Judge Victor Marrero rejected the OCC's argument and found that DFS's claims were ripe for adjudication On March 9, a three-judge panel of the Second Circuit heard oral argument on the question of whether the OCC can legally issue national bank charters to non-depository financial technology (fintech) firms. The case is Lacewell v. Office of the Comptroller of the Currency, and its resolution could determine whether the fintech charter program, which has been mired in legal challenges since it. The OCC wants to help fintechs overcome current requirements of securing state-level licenses with a special bank charter that would allow oversight by a single federal regulator, but a 2019. The OCC was involved in another rulemaking debate this week, as a lawsuit from New York's Department of Financial Services (DFS) continued to make its way through the courts. The suit seeks to stop the OCC's FinTech charter, arguing that states should continue to be the primary authority overseeing FinTech activities

Varo Money: The First National Fintech Bank? - BankingVaro gets vital FDIC OK for bank charter | American Banker
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