ABA, Trade Groups Urge OCC for Additional Time to Evaluate Novel Charter Applications

ABA and a coalition of financial trade associations urged the OCC today to provide more time for stakeholders and the public to evaluate novel charter applications by before the regulator considers applications.

In a letter to the OCC the groups recommended a comment period of 90 days for all novel charter applications, “including the recent filings by Figure Bank for a national charter and Anchorage for a trust charter.” The letter follows a request in July by the groups for the OCC to “conduct an open and transparent approach to considering new charters.”

The groups wrote that the limited information in public documents present a challenge to a thorough analysis of the potential issues involved and that all national banks should be subject to a consistent framework of regulations and oversight to ensure customers receive protection across all financial service providers.