This article was first published on: Insights – Ripple --
The OCC is the primary regulator of federal and state-chartered thrift institutions. Image: Shutterstock
Ripple recently submitted a comment letter in response to a paper by the OCC (the Office of the Comptroller of the Currency) on exploring special purpose national bank charters for fintech companies, which was announced on December 2, 2016. In the paper, the OCC explores its chartering process and supervisory standards for special purpose national banks in light of advances in fintech and evolving customer needs. Our comment letter commends the OCC for the transparent and deliberate way it is exploring the possibility of granting national bank charters to fintech companies, and we strongly support the OCC’s continued focus on reducing regulatory uncertainty and facilitating responsible innovation.
Our comment letter is available here.
In our letter, we encourage the OCC to take a balanced supervisory approach that is also flexible enough to clearly and coherently keep pace wit...
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