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2019 | OriginalPaper | Chapter

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

Author : Alexa Philo

Published in: The Impact of Digital Transformation and FinTech on the Finance Professional

Publisher: Springer International Publishing

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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.

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previous chapter How Technology (or Distributed Ledger Technology and Algorithms Like Deep Learning and Machine Learning) Can Help to Comply with Regulatory Requirements

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The OCC defines a Special Purpose National Bank as a national bank that engages in a limited range of banking or fiduciary activities, targets a limited customer base, incorporates nontraditional elements, or has a narrowly targeted business plan. Banking activities include one or more of the core banking functions of taking deposits, paying checks or lending money. However, the SPNB Supplement targeted specifically to fintech companies does not extend to deposit taking of any kind, whether insured by the Federal Deposit Insurance Corp., non-insured, or fiduciary in nature.

Officer of Comptroller of the Currency Policy Statement on Financial Technology Companies’ Eligibility to Apply for National Bank Charters, July 31, 2018, including companion Licensing Manual Supplement, Considering Applications from Financial Technology Companies, July 2018.

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/.

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.

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.

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.

Title: New Office of the Comptroller of the Currency Fintech Regulation: Ensuring a Successful Special Purpose National Bank Charter Application
Author: Alexa Philo
Publisher: Springer International Publishing
Book: The Impact of Digital Transformation and FinTech on the Finance Professional
Print ISBN: 978-3-030-23718-9

Electronic ISBN: 978-3-030-23719-6

Copyright Year: 2019
DOI: https://doi.org/10.1007/978-3-030-23719-6_15