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Payments & FinTech Lawyer

US Treasury and OCC address key FinTech issues

On 30 July 2018, the U.S. Department of the Treasury (‘the Treasury’) and the Office of the Comptroller of the Currency (‘OCC’) issued guidance on certain issues confronting the FinTech industry. Specifically, the Treasury released a long-awaited report, entitled ‘A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation’ (‘the Treasury Report’). Following a specific recommendation in the Treasury Report, the OCC formally announced that it would begin to accept applications for special-purpose national bank (‘SPNB’) charters, and it provided guidance on the procedures and standards that would govern such applications through the issuance of a Licensing Manual Supplement for Special Purpose National Banks (‘the Manual Supplement’). Taken together, the Treasury Report and the OCC announcement reinforce the commitment of the federal government to promote the growth of the US FinTech industry, as Barrie VanBrackle, Partner at Orrick, Herrington & Sutcliffe LLP, explains.

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