The controversy over the possible establishment of a national banking charter available to fintech companies came into sharp focus at the recent ABA Payments Forum in Washington, D.C.
The Comptroller’s Office, which is still weighing the issue—but which has not settled on implementation plans—sees such a charter as another way to foster innovation in the financial services system.
The Conference of State Bank Supervisors sees the establishment of such a fintech charter as something that should be left up to Congress, not the OCC, to decide, even as the banking systems in the 50 states seek to harmonize their individual differences and eventually offer state banking fintech charters.
