Fintech Companies Can Now Apply for a Banking Licence in the US
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Fintech Companies Can Now Apply for a Banking Licence in the US
The Office of the Comptroller of the Currency, the US’ banking regulator, announced yesterday that it will be accepting applications from fintech companies to receive a National Bank Charter. A National Bank Charter means that a company will function as a member bank of the Federal Reserve.
Comptroller of the Currency Joseph Otting said: “Companies that provide banking services in innovative ways deserve the opportunity to pursue that business on a national scale as a federally chartered, regulated bank.”
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Federal bank supervision
The OCC is an independent arm of the US Department of the Treasury. Its ... (read more)
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