national bank act (1)

The Little Fintech Bank Charter that Could(n't)

For now, the OCC has lost its battle against the banking industry to establish a fintech bank charter in the U.S. and will need to regroup. Establishing a regulatory definition and operating rules for fintechs that are continuing to grow their account bases in this country does not seem like an illogical next step in our banking evolution. But that depends on where you're sitting. In a country that is intensely competitive, it is ironic how noncompetitive our markets really are.
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