OCC Fintech Charter Might be Better Suited for Lenders

According to Stephen Lybarger, deputy comptroller of licensing at the OCC, the new OCC fintech charter might be better suited for mortgage companies and online lenders; the OCC does expect their first application to be filed sometime in Q1, though there has been a lot of push back from state regulators; there has been some confusion as to who the charter might be best for, it really depends on the future plans of the fintech; if an online lender were to go the charter route and in a few years changed their strategy to become more like a bank they would need to refile a different application; payments firms might be the perfect fit since they don’t need to hold deposits or capital to lend. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.