The charters may force fintech companies to have higher capital requirements than banks. The agency also expects fintechs to apply as non-depository institutions, allowing them to avoid certain FDIC requirements.
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OCC to grant limited-purpose bank charters to fintech companies
Fintech companies will also be required – like banks – to develop a formal plan for failure and to have a hands-on board of directors. Curry called for the development of "a formal agency policy" that will determine whether the OCC grants a fintech's application for a charter or not. The OCC asked for public comments – due Jan. 15 – to determine exactly how the charter should be granted.
