Regulating FinTech: OCC Signals New Regulatory Framework for Fintech Firms
The Office of the Comptroller of the Currency has indicated its intent to unveil a blueprint for a broader regulatory framework for financial technology, or “fintech,” firms later this fall. In a recent speech at the Marketplace Lending Policy Summit, Comptroller of the Currency Thomas Curry raised the prospect of a limited-purpose charter for non-bank fintech firms. In conjunction with the speech, the OCC also released a proposed rule setting forth a framework for placing uninsured national banks into receivership that would cover fintech firms.