Tag: special purpose national bank charters

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New Special Purpose National Bank Charter for FinTech Companies

New Special Purpose National Bank Charter for FinTech Companies

New York partners Anthony Nolan and Judith Rinearson will be speaking in a Strafford live webinar on “New Special Purpose National Bank Charter for FinTech Companies: Evaluating the Benefits and Regulatory Pitfalls on Thursday, March 16 2017 at 1:00pm-2:30pm EDT. This will focus on a recent proposal by the United States Office of the Comptroller of the Currency (OCC) to consider granting special purpose national bank charters to FinTech companies that are engaged in fiduciary activities or in activities that include receiving deposits, paying checks, or lending money. The special purpose charter offers the benefits of federal preemption and some state licensing requirements. However, there are regulatory and supervisory burdens that must be carefully considered such as activity limitations, BSA/AML requirements and minimum capital and liquidity requirements.

The panel will provide an overview of the OCC’s proposal for special purpose national bank charters for FinTech companies and the potential regulatory pitfalls that FinTech companies must consider. The program will address the OCC’s chartering process and the supervisory, financial and operational conditions that would apply. It will review these and other key issues:

  • Benefits of special purpose national bank charters for FinTech companies;
  • Regulatory pitfalls of special purpose national bank charters for FinTech companies;
  • The OCC’s chartering process and the supervisory, financial and operational conditions that would apply;
  • Positions of other relevant US bank regulatory agencies;
  • Implications for the future development of the Fintech industry in the United States.

For more information or to register click here.

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