The US Office of the Comptroller of the Currency expects to receive its first financial technology company application for a national bank charter in the next few months, possibly as early as January.
Stephen Lybarger, a deputy OCC comptroller, said that the fintech firm’s charter could go into effect as soon as a year-and-a-half after its application is filed.
Without naming any firm he has in mind, Lybarger told a banking conference* last week that the ideal applicant is likely to be “someone who is willing to accept the risk of potential litigation along with making that filing.”
*The Clearing House and Bank Policy Institute 2018 Annual Conference; New York; Nov. 27
OCC expects first fintech application for national bank charter as soon as January
3 December 2018 7:54pm