Treasury and OCC push for new FinTech tone, direction, and opportunities

The US Treasury Department (Treasury) has issued its fourth report1 in a series on the Administration’s core principles to regulate the US financial system.  It signals a new regulatory approach toward nonbank financial institutions, financial technology (“FinTechs”), and financial innovation.  Coupled with the Office of the Comptroller of the Currency’s (“OCC”) same day announcement2 that it is accepting FinTech special purpose charter applications, FinTechs considering entering the banking environment, through a bank charter themselves or indirectly through partnerships, can take a note of encouragement.  That said, there were no big surprises relative to past statements about underlying regulations and bank charter applications at this time.

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