The OCC’s plan to issue limited-purpose national bank charters to fintech companies is not a path to “light-touch” regulation, nor will it mix banking and commerce, Comptroller of the Currency Thomas Curry said at an industry conference in New York today.
The OCC “will move forward” with plans to provide special-purpose national bank charters to financial technology firms, Comptroller of the Currency Thomas Curry announced today.
In an effort to enhance its ability to grant new limited purpose charters, the OCC is issuing a proposed rule that would address how the agency will handle receiverships for national banks not insured by the FDIC, such as trust banks and other special purpose charters.
Bankers and others are closely watching to find out if the usury battles thought long won and settled are re-opening.
ABA this week met with the White House’s Office of Management and Budget to discuss the Department of Labor’s pending fiduciary rule, which redefines who counts as a fiduciary under the Employee Retirement Income Security Act.
The Second Circuit’s ruling does not apply where a non-bank entity is acting as an agent for the bank or where a state law interferes with the powers of a national bank.
The district court’s ruling aligned with the arguments in the ABA’s amicus brief.
Many were surprised that the OCC elected not to challenge the decision.