The manual lays out how fintech companies can seek a charter and how the OCC will review applications. The special-purpose charters will not authorize deposit-taking.
The manual walks through the initial steps of applying, the chartering standards the OCC will apply, the business plan the applicant is expected to provide and the OCC’s final decision-making process. For example, the manual notes that some members of the organizing group, management and board would usually be expected to have “experience in regulated financial services” in addition to experience with the kind of novel products or services the company may propose to offer. It also provides greater texture on the “financial inclusion plans” that each applicant whose business plan includes consumer or small business lending will be required to provide as part of their applications. The inclusion plans will be an “enforceable condition” for any charter granted, the agency says in the manual. They will also be published publicly for comment. E