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House Republicans Send Letter to OCC on Fintech Charters
In a letter dated Friday, March 10, 2017, House Financial Services Committee Republicans expressed concern to the OCC over the potential for a special “Fintech” charter for companies. Citing the “importance and complexity of the issue,” the letter urged the OCC not to “rush this decision.”
The lawmakers said, “The OCC should provide a full and fair opportunity for stakeholders to see the details of the special charter, solicit feedback, and allow the incoming Comptroller the opportunity to assess the special purpose charter.” They further indicated, if the OCC moved to proceed before Comptroller of the Currency Tom Curry’s term expires in April of 2017, they will ensure Congress examines the OCC’s actions and potentially will work to overturn them.