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OCC Proposes Fintech Supplement to Licensing Manual
On Wednesday, March 15, 2017, the OCC issued a draft supplement to its licensing manual to provide Fintech companies guidance on applying for a special purpose national bank charter. In its charter evaluations, the OCC will consider the following principles:
- Maintaining a safe and sound banking system;
- Encouraging a national bank to provide fair access to financial services by helping to meet the credit needs of its entire community;
- Ensuring compliance with laws and regulations; and
- Promoting fair treatment of customers, including efficiency and better service.
The agency also will consider if a proposed bank can reasonably be expected to achieve and maintain profitability and whether approving the charter will promote healthy competition. Currently, public comments on the draft supplement are being accepted, the deadline for which is April 14, 2017.