Office of Comptroller of the Currency Begins Accepting Fintech Charters

Devil Is in Details on OCC Fintech Charter, Attys Say
– Law360

Manatt’s Brian Korn, a co-chair of the firm’s financial services group, was interviewed by Law360 for an article on the new Office of the Comptroller of the Currency’s fintech charter.

The OCC will be accepting applications from fintech firms, but, the publication notes that the OCC doesn’t expect to get applications from early-stage companies.

“The fintech companies that already have arrangements in place—maybe they’ve gone out and gotten state licenses or they have bank partnerships—they’re going to compare this to the relative cost and ease of use with respect to their current partner,” said Korn.