Acting Comptroller Talks Responsible Innovation, Fintech Charters

On Wednesday, July 19, 2017, Acting Comptroller of the Currency, Keith Noreika addressed the Exchequer Club regarding responsible innovation, as well as updating the audience about the OCC’s Office of Innovation and its work granting national bank charters to fintech companies. In his statement, the Acting Comptroller also emphasized his priority of ensuring the OCC minimizes unnecessary regulatory burdens, and promotes economic growth. 

 

Regarding fintech charters, he stated, “I think it is a good idea that deserves the thorough analysis and the careful consideration we are giving it. The OCC after all was created to administer a system of federal banks and that authority clearly includes granting charters to companies engaged in the business of banking. Over the decades, the business of banking has evolved, just as companies have adapted and changed. We should be careful to avoid defining banking too narrowly or in a stagnant way that prevents the system from evolving or taking proper and responsible advantage of advances in technology and commerce.”