U.S. Agency Invites Fintech Firms Into Special Bank Charter
- OCC issues draft policy to allow tech companies into banking
- Republican lawmakers had requested agency hold off on change
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Financial-technology firms in the U.S. will be permitted to apply for special bank charters under a regulatory policy change that Republican lawmakers have already warned against.
The Office of the Comptroller of the Currency will open its doors to non-traditional financial companies that are willing to meet some of the rigors of regulated banking, including capital, liquidity and consumer-protection rules, according to a draft policy statement released Wednesday.