CBA Statement on OCC Announcement on Granting Charter to Fintech Firms

December 2, 2016

Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the below statement following the Office of the Comptroller of the Currency’s announcement it will begin chartering Fintech firms.

“We applaud the OCC’s efforts to further explore chartering for Fintech firms, as it could ensure a level playing field on regulation and supervision, allowing for safety and soundness, competitive fairness and comparable expectations for community inclusion,” said CEO & President Richard Hunt. “This move could have positive implications for consumers, provided it guarantees they receive similar protection regardless of the financial services provider the consumer chooses.

“We also encourage the OCC’s efforts to ensure Fintech companies demonstrate a commitment to financial inclusion with CRA-like requirements. CBA will work with the OCC and submit our thoughts before the comment period ends on January 13.

“I’d like to welcome the Fintech companies to the world of federal regulation.”